First Manhattan Rejects VIVUS Proposal

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VIVUS, Inc. (NASDAQ: VVUS) today announced its latest proposed settlement offer to First Manhattan Co. (FMC) was immediately rejected by FMC. The VIVUS proposal included equal representation from VIVUS and FMC, four from each side and one independent investor representative. The four VIVUS nominees proposed were the four most recently appointed Directors. The four FMC nominees proposed included the three recommended by ISS and a new CEO. The proposal also included an offer from Leland Wilson, Chief Executive Officer of VIVUS, to resign from the VIVUS Board and to retire as CEO when the Board of Directors has appointed a new CEO. Mr. Wilson is also willing to offer his services as a senior advisor to the Board and the Company to ensure a seamless transition following his retirement.

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