Forest Labs wins over Icahn in a pseudo battle

Forest Laboratories announced that it won a pseudo battle against billionaire investor Carl Icahn, as the company stockholders elected Forest’s nominees for the board of directors and voted down the candidate nominated by Icahn.
Forest declared that the 10 nominees of the company won “by a significant margin.”

Chairperson and CEO Howard Solomon, ex-Chief Financial Officer Lawrence Olanoff, Nesli Basgoz, Dan Goldwasser, Kenneth Goodman, Lester Salans, and Peter Zimetbaum were amongst the candidates who were re-elected. The candidates elected for the first term on board were Christopher Coughlin, Gerald Lieberman, and Brenton Saunders.

In an attempt to have a greater hold of the drugmaker, Icahn’s High River Limited Partnership had proposed four candidates for the board of directors.

With the decline in markets, Forest shares plummeted $1.11, or 3.2 percent, to $33.34 in morning trading