Amylin Pharmaceuticals, Inc. (NASDAQ:AMLN) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Connection With The Proposed Takeover By Bristol-Myers Squibb
July 9, 2012 (Shareholders Foundation) -- An investor in NASDAQ:AMLN shares filed a lawsuit in State Court in effort to block the proposed takeover of Amylin Pharmaceuticals, Inc. at $31 per NASDAQ:AMLN share.
The plaintiff alleges that certain directors of Amylin Pharmaceuticals, Inc. breached their fiduciary duties owed NASDAQ:AMLN investors arising out of the attempt to sell the company too cheaply and via an unfair process to Bristol-Myers Squibb.
On June 29, 2012, after the market closed, Bristol-Myers Squibb Company (NYSE: BMY) and Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) announced that Bristol-Myers Squibb will acquire Amylin for $31.00 per share in cash, pursuant to a cash tender offer and second step merger, or an aggregate purchase price of approximately $5.3 billion.
However, the plaintiff alleges that the $31offer is unfair to NASDAQ:AMLN stockholders and undervalues the company. In fact, shares of Amylin Pharmaceuticals, Inc. (NASDAQ:AMLN) grew from as low as $6.05 in November 2008 to as high as $28.21 per share on May 29, 2012. In addition, at least one analyst has set the high target price for NASDAQ:AMLN shares at $32 per share.