Icahn seeks records on why Amylin said no to Bristol-Myers

The billion-dollar spat between billionaire investor Carl Icahn and Amylin Pharmaceuticals ($AMLN) was turned up a notch as Icahn filed suit to get records on why the company turned away a takeover offer from Bristol-Myers Squibb ($BMY).

Icahn, who has suggested that he is prepared to take the board to the mat with a proxy fight, wants to see how board members reached their decision that the $3.5 billion bid from Bristol-Myers was inadequate, Bloomberg reports. Icahn, who supports a sale, had his lawyers file a lawsuit over company bylaws earlier this week.

In his often caustic style, Icahn has been publicly critical of the board, calling it "dysfunctional." He also criticized it for granting stock options to executives at $16 a share. In early trading today, shares were trading at $23.62, down 66 cents.

For its part, Amylin has not even confirmed that there was an offer. But Bloomberg, citing sources, reported that the company had received, but rebuffed, a $22-a-share bid from Bristol-Myers in February. Bristol-Myers is presumably interested in Amylin's once-a-week treatment for diabetes, Bydureon, which the FDA recently approved.

In a statement to Bloomberg today, the company gave this curt response: "This is merely an attempt by Mr. Icahn to second-guess the business judgment of Amylin's board of directors, and as such, his lawsuit is without merit."

- read the Bloomberg story