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TheStreet Open House

Amylin Nominates 2 New Directors Amid Proxy Fight

Meanwhile, Eastbourne Capital, which owns a 12.5 percent stake in Amylin, has said it would nominate a slate of five directors.

Aside from the two new independent directors, Amylin said it will nominate the rest of its current board for re-election.

"With their broad range of expertise, diverse perspectives, and in-depth knowledge of Amylin's business, these directors will continue to serve the best interests of all Amylin stockholders," the company said.

Eastbourne Capital, in a separate statement Monday, put its support behind a lawsuit filed in Delaware by San Antonio Fire & Police Pension Fund, another shareholder. They are looking to invalidate a "poison pill" program and other arrangements by the company that make it difficult and costly for a hostile takeover.

"Since this year there are two separate shareholder slates, the company's poison puts, unless they are neutralized, threaten to tilt the electoral playing field in favor of the incumbent board by effectively precluding not merely the election of a new majority on the board, which Eastbourne is not seeking, but, as a practical matter, the election of any shareholder-nominated directors at all," said Eastbourne founder and manager Rick Barry.

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