|Shareholder activist and renowned hedge fund manager investor, Carl Icahn, has launched a proxy battle to have four hand-picked directors installed on the board of Forest Laboratories, Inc. According to Reuters, Icahn Associates’ founder Carl Icahn is lauding to past success with other biotechnology companies, such as Biogen Idec Inc, ImClone Systems and Genzyme Corp., where his board nominees were critical in increasing shareholder value. |
Carl Icahn holds former Icahn Enterprise executives, Alexander Denner and Richard Mulligan up as examples of what his board nominees can accomplish; however, neither Alexander Denner nor Richard Mulligan is still with Icahn Enterprises. Forest Laboratories Inc shareholders argue that their situation is far different from the other biotechnology companies and that there is no guarantee that Carl Icahn’s new board nominees will achieve the same level of success.
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