Flurry for Forest finale
Icahn, Forest post dueling SEC filings ahead of shareholder meeting
In a flurry of filings, activist investor Carl Icahn and his latest life sciences target Forest Laboratories Inc. (NYSE:FRX) postured for investors ahead of the company's annual meeting on Thursday this week. At least three proxy advisory services weighed in, mostly in support of company board nominees.
The adversaries, who have been trading barbed filings for several months, each fine-tuned their arguments concerning Forest's stock performance and fundamentals, and the qualifications of the competing board nominees.
Last week, Icahn noted that Forest's market cap has dropped to $9.3 billion from $26.6 billion in the past seven years, which he pointed out is the average tenure of the newest Forest directors. He added that valuations for the company's specialty pharma peer group increased during that period.
Icahn, who held a 9.2% stake at Aug. 10, nominated four directors in June: Alexander Denner, Richard