The Morning Report
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Life on Amylin Pharmaceutical’s board of directors is getting lonelier by the week.
Several proxy advisors, which are firms that specialize in dealing with proxy battles between companies and shareholders, have come out in support of an effort by Amylin shareholders Carl Icahn and Eastbourne Capital Management to remake the company’s board of directors, the Wall Street Journal is reporting.
Glass Lewis & Co., a San Francisco-based proxy advisor, told the Journal that Amylin has “serious problems.” Proxy Governance and RiskMetrics also support nominees for Amylin’s board that Icahn and Eastbourne have chosen to replace current board members, according to the Journal.
Together, Icahn and Eastbourne own more than 20 percent of Amylin’s stock. They have been pushing since January to remake the board, which they say is necessary in order to turn the company around. Amylin’s stock price has dropped from a high of more than $50 in 2006 to $11.09 at today’s close.
Last week, Amylin co-founder Howard “Ted” Greene, Jr. voiced his support for the Icahn/Eastbourne-backed shakeup, saying “There needs to be a fresh wind blowing through the boardroom.”