Carl Icahn vs Forest Labs: Showdown on Wednesday
Hedge fund manager and activist shareholder Carl Icahn is poised to take on the board of Forest Labs (NYSE: FRX). On Wednesday, August 15, the pharmaceutical company will hold its annual shareholding meeting. At that meeting, shareholders will have the opportunity to vote for Icahn's nominees, or to affirm their support for the company's current management.
To date, Icahn has sent the company several letters. In them, the activist shareholder has lampooned the company's policies, suggesting that management has engaged in nepotism and sold shares ahead of the company's decline.
Forest Labs has responded to most of Icahn's accusations, and continues to stress that holders should vote for the company's directors. Forest Labs has argued that its directors are more qualified than Icahn's.
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