Amylin (AMLN) Shareholders Want Change - NOW!

Amylin Pharmaceuticals (Nasdaq: AMLN) has investors all fired-up and not in a good way. Just a few days after 8.3% shareholder Carl Icahn announced that he is nominating a slate of 5 Directors, 12.5% holder Eastbourne Capital is introducing their own, separate slate of 5 Directors.

To make matters worse for Amylin management, Eastbourne acknowledged Icahn's slate, but said it does not believe that these separate efforts to bring change to Amylin are in competition with each other. In other words, vote for ours or vote for theirs, either way we want change - NOW!

Our own Lon Juricic commented on the Icahn news for Barrons.com tonight. Lon said that Ichan's involvement with Amylin looks poised to be a repeat of his success at ImClone, which was sold to Eli Lilly (NYSE: LLY) for $70 per share, after a bidding war with Bristol-Myers Squibb (NYSE: BMY). Lon told Barron's, "Icahn kept building his position and eventually became chairman of the board, where he could push his agenda and positioned ImClone for a graceful sale... I could see this as the same situation playing out"

Ultimately, the shareholder activism at Amylin should be good news for investors.

Carl Icahn's Icahn Capital Boosts Stake in MOT, Cuts TWC, Shows EMIS Stake

Carl Icahn's Icahn Capital hedge fund released its 13F for the quarter ended June 30, 2008. Below are some notable moves:

* Lifted his Motorola Inc. (NYSE: MOT) stake from 115,649,600 shares to 144,119,843 shares

* Showed a new small 86,430 share stake in Emisphere Technologies, Inc. (Nasdaq: EMIS).

* Lowered his stake in Time Warner Cable Inc. (NYSE: TWC) from 4,711,128 shares to 1,842,834 shares.

* Got rid of his 129,715 share Perry Ellis (Nasdaq: PERY) stake.

Icahn also showed a 55,029,056 share stake in Yahoo (Nasdaq: YHOO), were he has been appointed to the board after a takeover fight with Microsoft failed, among other moves.

Read the Full 13-F Summary Here

Icahn Boosts Stake in Biogen Idec (BIIB) to 6% Following TYSABRI Sell-Off

In a 13D filing on Biogen Idec (Nasdaq: BIIB), Carl Icahn disclosed he raised his stake in the company to 6.03% (17,511,304 shares). This is up from the 9,948,723 share stake held at the quarter ended 3/31/08.

Icahn noted that his representatives have had, and from time to time may seek to continue to have, discussions with representatives of Biogen Idec to discuss general business issues relating to the Issuer as well as their concerns relating to shareholder value.

Icahn disclosed he paid $916,501,219 for the position, or about $52 per share. Shares of Biogen are currently at $50.76.

Shares of Biogen Idec sank 28% on 8/1 after disclosing two additional TYSABRI-relate PML cases. The filing showed, Icahn accumulated large sums of stock after that drop.

Carl Icahn is one of the most prolific activist investors in the market today. He has had mixed results lately, but a strong long-term track record.

Icahn Has A Happy Day, Racks Up Gains of At Least $350M

Activist investor Carl Icahn is having a nice day today. Here's why:

1. Bristol -Myers (NYSE: BMY) sent Mr. Icahn a letter presenting a $60 per share offer for ImClone Systems (Nasdaq: IMCL). Icahn is the Chairman of ImClone, and owns 11,669,544 shares of the biotech company. With shares of ImClone trading up to 37%, to $63.84 today, Icahn made a cool $200+ million just today in the stock. Icahn's cost basis on ImClone is about $33 per share, suggesting Icahn could make a 100% profit on his trade if ImClone is sold for around $66 per share. If the company is sold for $60, that's still a 80% profit.

2. Motorola Inc. (NYSE: MOT), a stock Carl has been involved with for a long time, is up 12% after topping Q2 estimates and providing guidance above the Street. Carl is up about $126 million in MOT today, although he is still underwater in the stock.

3. Amylin Pharmaceuticals Inc. (Nasdaq: AMLN), a stock Carl has been invloved with and has pushed to put itself up for sale, is up 11% today on speculation it could be the next biotech takeover target following the ImClone news. Carl is up about $22 million today on the trade.

Icahn Boosts Stake in Amylin Pharma (AMLN) to 6.5%, Seeks Additional Talks

In a 13D filing on Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN), Carl Icahn disclosed he raised his stake in the company to 6.54% (8,959,919 shares), this is up from the 6,339,653 share stake Icahn showed in a recent 13F for the quarter ended March 31, 2008.

Icahn disclosed they he recently had discussions with the company's management and intend to seek to have further conversations with management and members of the board of directors to discuss ideas that may have to maximize product sales and development and to enhance shareholder value.

Icahn said he reserve the right to take whatever future action they deem appropriate regarding the company and its securities under the circumstances as they then exist.

Enzon (ENZN) Holder DellaCamera Capital Wants Banker Hired To Explore Sale of Commercial Operations

In an amended 13D filing on Enzon Pharmaceuticals Inc. (Nasdaq: ENZN) this morning, 5.9% holder DellaCamera Capital disclosed a letter to the company saying while they are encouraged by the recently announced plan to spin-off its biotechnology business, the company must take the next logical step and explore all strategic alternatives for the Company's remaining commercial operations, including the sale of the commercial operations as a whole. DellaCamera demanded Enzon formally engage its advisor Goldman Sachs, or another investment banking firm, to assist in this process.

DellaCamera said, "the significant cash-generating ability of the commercial operations makes them highly financeable and the synergies that a strategic buyer could bring to the mix are significant." The said a myriad of creative transactions that could be effected.

DellaCamera said Enzon's cost structure is inordinately high and they believe that there are at least $25 million of excess SG&A expenses that could be eliminated should the Company pursue a rationalization of its commercial operations. DellaCamera also said the compensation of the top-five executives seem excessive.

DellaCamera also said they want assurances that the Company will not use the biotechnology business spin-off as a defense mechanism to discourage potential buyers from seeking to purchase the entire Company.

Activist investor Carl Icahn has also been involved with Enzon.

Icahn Accumulates Another 27 Million Motorola (MOT) Shares, Brings "Friendly" Stake to 7.6%

In an amended 13D filing (#4) earlier today on Motorola (NYSE: MOT), Carl Icahn disclosed he raised his stake in the company to 7.6%, or 172,176,804 shares. This is up from the 6.4% stake (144,562,000 share) Icahn disclosed in a past filing.

In April, MOT entered into an agreement with Icahn to avoid a proxy fight. Under the agreement William R. Hambrecht, founder, chairman and chief executive officer of WR Hambrecht + Co. and co-founder of Hambrecht & Quist, and Keith Meister, a managing director of the Icahn investment funds and principal executive officer of Icahn Enterprises, will be nominated for election to Motorola's Board of Directors at the 2008 Annual Meeting of Shareholders and included in the Company's 2008 proxy statement. In addition, Mr. Meister has been appointed to serve on the Board, effective immediately.

Carl Icahn Boosts Stake in Enzon Pharm (ENZN), Wants Co To Consider a Sale

In a 13D filing on Enzon Pharmaceuticals (Nasdaq: ENZN), Carl C. Icahn discloses a 6.93% stake (3,072,103 shares) in the company up from the 1,760,001 share stake held at the quarter ended 12/31/07. Icahn wants the company consider a sale.

From the filing, "The Reporting Persons have had conversations with members of the Issuer’s management during which the Reporting Persons expressed their concern with the current Share price. In addition, during these conversations, the Reporting Persons indicated that management should conduct a comprehensive review of strategic transactions that could enhance shareholder value, including a spinoff or other monetization of certain assets, such as royalty streams and products with limited market potential; or a sale of the entire company."

Icahn Boosts Stake in Motorola (MOT)

In an amended13D filling after the close today, activist investor Carl Icahn disclosed that he raised his stake in Motorola (NYSE: MOT) from 114,289,100 shares (5% stake) to 142,362,000 shares (6.3% stake).

Motorola, Inc. provides wireless and broadband communication products worldwide

Icahn Get FTC Okay To Raise CSX Stake

According to a posting a ftc.gov, Carl Icahn and related funds was granted early termination notice from the FTC, required under the Hart-Scott-Rodino antitrust law, on CSX Corp. (NYSE: CSX).

The approval would let Icahn buy between $418.6 million to $1.6 million of CSX stock, according to Bloomberg, which cited a company spokesman.

At 12/31, Icahn Capital held 2.9 million shares of CSX of 0.69%.

CSX has been the target of another activist investor, The Children's Investment Fund.

Icahn's Latest 13F Is Out (JCP, M, GENZ)

Carl Icahn's hedge fund released their 13F for the quarter ended December 31, 2007 this afternoon. Here are a few highlights:

*New 4M+ share stake in J. C. Penney Company, Inc (NYSE: JCP) (this was reported by WSJ DealBlog a little while ago)

* Boosted stake in Macy's (NYSE: M) by about 1M shares to about 5M shares

* No longer holds stake in biotech co Genzyme Corp. (Nasdaq: GENZ). He had held 1.5M shares.

The full summary is available at our main site here

Greenbrier (GBX) Soars As Icahn Scoops Up Shares, Recommends Merger With American Railcar (RAIL)

Shares of Greenbrier Companies (NYSE: GBX) have soared 20% intra-day after affiliates of activist investor Carl Icahn discloses a 9.45% stake in the company and said that it is interested in discussing a possible combination of Greenbrier and American Railcar (Nasdaq: ARII), another Icahn holding.

Icahn disclosed the stake in a 13D filing through Longtrain, which is wholly owned by American Railcar. Mr. Icahn beneficially owns approximately 53.7% of the common stock of American Railcar.

The filing showed Longtrain was an aggressive buyer of Greenbrier in January, buying the full 1,530,000 share position from 1/08-1/25 at prices from $17.60 to $19.54 per share.

Shares of American Railcar are up 14%.

Greenbrier has yet to comment on the filing.

Reports Icahn Accumulates Large Stake in J.C. Penney (JCP)

According to reports from WSJ's Deal Journal blog, activist investor Carl Icahn has accumulated a large stake in retailer J.C. Penney (NYSE: JCP). A person familiar with the matter said the stake is now among Icahn's top five holdings.

The article said there is no guarantee that Icahn will agitate for changes at the company. If he does, he may suggest the company buy back stock will money raised from borrowing or selling real estate.

Icahn Confirmed Plans To Nominate 3 To Biogen (BIIB) Board, Says Buyout Process Was Flawed; Boosts Stake

Carl Icahn confirmed that his affiliates gave notice to Biogen Idec (Nasdaq: BIIB) that they intend to nominate three persons to the company's board of directors at the upcoming annual meeting.

Icahn stated, "we are taking this action because we believe that Biogen's recent purported attempt to find a suitor was not conducted in a way to enhance the success of the endeavor. We believe that the process was flawed in a number of key respects and that the process was run to placate us and other large shareholders who we believe asked for Biogen to find a buyer."

Icahn noted that it has been reported that Biogen refused to allow bidders to talk to the company's Tysabri partner, Elan Phamaceuticals (NYSE: ELN). Elan has some change-of-control rights on Tysabri. Icahn, said while Elan indicated that they would not invoke change-of-control rights, any prospective bidders would want to talk to Elan. Icahn said Biogen prevented any bidder from talking to Elan about anything unless they made a 'binding proposal.'

Icahn also said he is concerned by recent comments from the CEO that Biogen might make a large scale acquisition. Icahn said he would oppose any "toxic" transactions.

The slate of directors to be nominated by Mr. Icahn and his affiliates consists of Alexander J. Denner whose principal occupation is Managing Director of entities controlled by Mr. Icahn that manage private investment funds, Professor Anne B. Young, who is Julianne Dorn Professor of Neurology at Harvard Medical School and Chief, Neurology Service at Massachusetts General Hospital, and Professor Richard C. Mulligan, who is Mallinckrodt Professor of Genetics at Harvard Medical School, and Director of the Harvard Gene Therapy Initiative.

Icahn noted his affiliates own 12,435,904 shares of Biogen, or 4.24% of the outstanding stock. Icahn held 8,825,816 (3%) Biogen shares at the quarter ended 09/30/07.

Icahn is still below the 5% threshold which would require a 13D filing.

Icahn Has a Busy Day: BEAS, WCI, More...

Billionaire financier, Carl Icahn had a busy day today. Icahn's bet on BEA Systems (Nasdaq: BEAS) (13%), which looked like it was going nowhere fast, paid off big after the company was acquired by Oracle (Nasdaq: ORCL) for $19.375 per share in cash. The price was lower than the $21 per share BEA said they would start the bidding at, but it was higher than Oracle's original $17 bid - which BEA rejected. Icahn said he supports the deal.

Another one of Icahn's stocks, WCI Communities (NYSE: WCI), where he is Chairman, was down over 20% earlier today on bankruptcy fears. The stock spiked back into the green after Icahn, on CNBC, said he would not jump to that conclusion. WCI's latest bank waiver on the company's loans expires today. If the company is unable to negotiate new terms with its banks it may be in serious trouble.

On CNBC, Icahn also made some upbeat comments about one of his other stocks, Motorola Inc. (NYSE: MOT). Icahn said he is a great bull on the stock. Icahn said Motorola needs to separate the cell phone business. He said at current prices you get the cell phone business for nothing.

Another Icahn bet, Biogen Idec (Nasdaq: BIIB), is trading in the green today. Biogen shares were killed in December after the company completed its review of strategic alternatives without a sale. The stock dropped from about $76 to $54 after the news. It is currently trading at around $60.

On Fast Money yesterday, Icahn said he still has hope the company will eventually be sold.

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Carl Icahn Boosts Stake in Temple-Inland (TIN) to 9.8%

In an amended 13D filing after the close Wednesday on Temple-Inland (NYSE: TIN), Carl Icahn disclosed he raised his stake in the company to 9.77%, 10,366,491 shares. This is up from the 8.88% stake (9,411,049 shares) Icahn disclosed in a past filing.

After rising to highs earlier in the year on plans to split into three seperate companies, shares of Temple-Inland are back to the levels they were at when Icahn first got involved.

Icahn's Hedge Fund Shows New Stakes In Genzyme (GENZ) and Childrens Place (PLCE), Among Others

Carl Icahn's Icahn Capital Management LP released its latest 13F for the quarter ended September 30, 2007. Below is a summary:

New Positions:
Acorda (Nasdaq: ACOR) 16,293 shares
Applera Corp-Applied Biosystems Group (NYSE: ABI) 649,026 shares
Compton Petroleum Corp. (NYSE: CMZ) 3,500,880 shares
Genzyme Corp. (Nasdaq: GENZ) 1,518,463 shares
Harrah's Entertainment Inc. (NYSE: HET) 1,842,800 shares
MGI Pharma Inc. (Nasdaq: OGN) 606,518 shares
Take-Two Interactive Software Inc. (Nasdaq: TTWO) 462,037 shares
The Childrens Place Retail Stores, Inc. (Nasdaq: PLCE) 1,128,001 shares

Raised Positions:
Anadarko Petroleum Corp. (NYSE: APC) from 4,520,294 shares to 13,758,160 shares
BEA Systems (Nasdaq: BEAS) from 7,944,293 to 13,578,160 shares
Biogen (Nasdaq: BIIG) from 2,740,000 shares to 8,825,816 shares
Lions Gate Entertainment Corp. (NYSE: LGF) from 4,119,918 shares to 4,289,508 shares
Macy's (NYSE: M) from 2,368,560 shares to 4,016,669 shares
Motorola (NYSE: MOT) from 55,290,640 shares to 60,466,400 shares
Regeneron Pharmaceuticals Inc. (Nasdaq: REGN) from 2,270,024 shares to 2,508,001 shares

Lowered Positions:
Clear Channel Communications Inc. (NYSE: CCU) from 1,466,640 to 0
Global Payments Inc. (NYSE: GPN) from 1,008,779 to 0
MeadWestvaco Corporation (NYSE: MWV) from 3,781,120 shares to 2,243,101
Pride International Inc. (NYSE: PDE) from 4,527,245 shares to 0
Rowan Companies Inc. (NYSE: RDC) from 3,239,600 shares to 2,317,979
Talisman Energy Inc. (NYSE: TLM) from 4,156,663 shares to 0
Temple-Inland Inc. (NYSE: TIN) from 6,046,992 shares to 2,601,056

Maintained Positions:Adventrx Pharmaceuticals Inc. (AMEX: ANX), Blockbuster Inc. (NYSE: BBI), CSX Corp. (NYSE: CSX), Cyberonics Inc. (Nasdaq: CYBX), Enzon Pharmaceuticals Inc. (Nasdaq: ENZN), Lear Corp. (NYSE: LEA), Lincoln National Corp. (NYSE: LNC), Quest Resource Corp. (Nasdaq: QRCP), Time Warner Inc. (NYSE: TWX), Unum Group (NYSE: UNM), WCI Communities Inc. (NYSE: WCI), Williams Companies Inc. (NYSE: WMB).

What's Next For Icahn Following His BEAS and BIIB Windfall?

Given activist investor Carl Icahn's recent "golden touch", in light of last week's BEA Systems (Nasdaq: BEAS) buyout offer and the Biogen (Nasdaq: BIIB) sale news, we took a close look at Icahn's portfolio to see if there are any other potential companies that could be activist/takeover targets. Two companies from Icahn's portfolio that grabbed our interest were Enzon Pharmaceuticals Inc. (Nasdaq: ENZN) and Global Payments Inc. (NYSE: GPN).

Icahn initiated a 1,740,001 share stake in Enzon (3.95%) and a 1,008,779 share stake (1.3%) in Global Payments as of the quarter ended June 30, 2007.

Enzon is a biopharmaceutical company, an area Icahn has had great success. Icahn's successes in the area have included: ImClone (Nasdaq: IMCL), were he is Chairman; MedImmune - which was acquired by AstraZeneca PLC (NYSE: AZN); and Biogen (Nasdaq: BIIB) - which on Friday announced it is for sale.

Global Payments provides payment processing and consumer money transfer services worldwide. The company had been seen as a possible LBO target, before the leveraged takeover boom was brought to a halt due to the credit woes.

Could Icahn Target Biogen Idec (BIIB) Next?

Following news that Carl Icahn activist target BEA Systems Inc. (Nasdaq: BEAS) received a $17 per share takeover bid from Oracle (Nasdaq: ORCL), investors are looking at Biogen Idec (Nasdaq: BIIB) as Icahn's next possible activist target.

In the latest 13F from Carl Icahn's Icahn Management hedge fund the firm showed a 2,740,000 share stake in the biotech company. This is equal to about 1%.

In August, Icahn received FTC clearance to increase his stake in Biogen, but has yet to disclose an increased stake.

Icahn bought Biogen's stock because he believes the company is undervalued and is a takeover candidate.

Icahn has had success with biotech companies in the past - he was accumulating shares on MedImmune shortly before the company announced a sale to AstraZeneca PLC (NYSE: AZN).

Shares of Biogen Idec are up 1% today to $67.82.

Icahn Raises Stake in BEA Systems (BEAS) to 13.2%

In an amended 13D filing on BEA Systems, Inc. (Nasdaq: BEAS), Carl Icahn disclosed an 13.2% stake (51,820,017 - includes Shares underlying call options) in the company. This is up from the 11% stake disclosed in a 10/03/07 filing.

Icahn did not update the 'Purpose of Transaction' section of the filing, which in the original filing, stated that Mr. Icahn believes that a sale of the company to a strategic acquirer will maximize the price of the shares. Icahn also said he was seeking talks with management to discuss possibilities of a deal and said he may seek to nominate members for election to the Board of Directors.