Investor Icahn sues Amylin

Carl Icahn has sued Amylin Pharmaceuticals to block enforcement of a bylaw that prevents the billionaire investor from launching a proxy fight that could lead to a sale of the maker of diabetes drugs. Icahn, whose 8.94 per cent stake has made him Amylin's third-largest shareholder, faulted the company for failing to reveal its rejection of a $3.5bn unsolicited takeover bid, or $22 per share, from Bristol-Myers Squibb. In a complaint filed in Delaware Chancery Court, Icahn urged that Amylin not be allowed to enforce a bylaw requiring shareholders to provide advance notice of board candidates. The activist investor said shareholders deserve another chance to nominate directors who could push for a sale, given developments since the original 25 January deadline.