Icahn at it Again on Forest Laboratories (FRX)

Forest Laboratories, Inc. (NYSE: FRX) is looking to avoid another proxy battle with activist investor Carl Ichan ahead of its shareholder meeting, Reuters reported Friday. If unsettled, it would be the third proxy fight in a many years.

While it is unclear what talks centered on this time around, in the past Icahn has been critical of management and its underperformance versus peers. Underperformance of the stock continues. While up 17.6% over the last year, it is lagging the 27% move higher in the S&P 500. YTD the stock has slightly outperformed the S&P 500 with a gain of 14.2% versus 13.8%, respectively.

Icahn owns 30,662,005 shares of Forest Laboratories, or 11.5% of the shares outstanding. It is the third largest position in his portfolio. In 2012, one of Icahn's nominees was elected to the board. He sought as many as four seats at that time.

Shares of Forest Laboratories are flat in pre-open trade at $40.33.

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