Forest Holds Off Icahn, But Battle Likely Looms
This article was originally published in The Pink Sheet Daily
Forest shareholders elect the company's slate of board members at its annual meeting, shooting down activist investor Carl Icahn's picks.
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The specialty pharma long has been scrutinized for its decisions regarding the patent cliff and business development. Now, a new CEO will have the chance to keep the company on its current course or mirror the transformations he’s put in motion at other companies.
Dissident shareholder Carl Icahn will have some influence on the succession process as the New York drugmaker seeks a replacement for its retiring octogenarian CEO. Forest still needs to compensate for the loss of blockbuster antidepressant Lexapro, and could consider a sale or dramatic restructuring.
In July 9 letter to Icahn, Forest CEO asks why the activist investor hasn’t offered strategic ideas, rather than threaten another fight over board control.