Carl Icahn announced that he had sent a letter to Joseph Cook, Jr., Chairman of the Board of Amylin Pharmaceutical, Inc. (AMLN: News ) regarding the election of directors to take place at the forthcoming annual meeting of Amylin's stockholders.
In a letter to Cook, Icahn said that Cook should step down in the face of demands from rebel shareholders. Icahn said that during Cook's time as chairman an enormous amount of stockholder value has been destroyed.
Icahn said, after I was elected to the board of ImClone in October 2006, its per share market value increased by 135% through its sale in late 2008. It is interesting to note that, in direct contrast, during the same period Amylin's per share market value declined in value by 85%. Given that Amylin is flailing, as is evident from the market for its shares, it is ludicrous and arrogant for you to contend that my highly qualified nominees, who were among those responsible for such wonderful results at ImClone, cannot be beneficial to Amylin.
Additionally, it is even more absurd and irresponsible to enter into a "debilitating" proxy fight to keep my nominees, who are proven and knowledgeable individuals, off the board.
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