Forest Urges Investors to Vote Down Icahn Nominees

Monday, 15 Aug 2011 01:04 PM

 

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Forest Laboratories Inc sent a letter to investors on Monday -- its second in five days -- urging them to vote against activist Carl Icahn's nominees to the company's board.

Forest holds its annual meeting of shareholders on Thursday. Icahn has nominated four candidates.

Forest is seeking investor approval for all 10 of its board nominees, and last Wednesday won the support of proxy advisory firm ISS. The recommendation by ISS ran counter to a recommendation by the less influential proxy advisory firm Glass Lewis, which recommended shareholders support one of Icahn's nominees.

The support of ISS makes it less likely that Icahn, who has a 9.2 percent stake in Forest, will achieve his goal.

Forest's shares are trading at less than half of where they were trading in 2004 and about 40 percent less than peak 2007 levels. The company, which makes the antidepressant Lexapro, is expected to see its revenue drop by about one-fourth after the drug loses patent protection early next year.

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