In a letter disclosed to the US Securities and Exchange Commission (SEC) Amylin claimed that Ichan intended to use his influence as a shareholder to “implement drastic cost cuts of an additional 30 per cent” and “promptly attempt to sell Amylin to Lilly".
Ichan fired the initial salvo accusing Amylin chairman Joseph Cook of destroying “an enormous amount of stockholder value” and behaving like an “‘imperial’ chairman”.
He has also said the Amylin letter “completely mischaracterised” his intentions but that if a bid was made he might recommend the company accepted if the offer was over $30 (€23) a share.
