The Morning Report
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After spending half the year fighting to remake the board of San Diego-based Amylin Pharmaceuticals, dissident shareholder Eastbourne Capital has unloaded all of its shares, according to this Securities and Exchange Commission filing.
Eastbourne, along with Carl Icahn, spent much of the year waging a proxy battle against the Amylin board under the pretext that a series of bad decisions by the board had caused the company’s stock to plummet.
In the end, Eastbourne and Icahn, who together had an ownership stake in Amylin of around 20 percent, were able to get two of their nominated directors on the board.
Eastbourne did not disclose what price it sold its stake for, but the stock has been hovering near its 52-week high of $15.90 in recent weeks. Shares in the company have traded as low as $5.50 over the past year.
A hat tip to Xconomy for news of the sale.