Forest Labs (FRX) Affirms Icahn Nominee Elected to Board Following Certified Inspection
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Forest Laboratories, Inc. (NYSE: FRX) announced that IVS Associates, Inc. (“IVS”), the independent inspector of elections, has certified the final voting results for the Company's Annual Meeting, which was held on August 15, 2012. The certified results confirm that nine of the Company's ten director nominees were elected to the Forest Board of Directors. The IVS report has also confirmed that one of Carl Icahn's four nominees, Pierre Legault, has been elected to the Board.
Forest’s board will now consist of: Nesli Basgoz, M.D.; Christopher J. Coughlin; Kenneth E. Goodman; Pierre Legault; Gerald M. Lieberman; Lawrence S. Olanoff, M.D., Ph.D.; Lester B. Salans, M.D.; Brenton L. Saunders; Howard Solomon; and Peter J. Zimetbaum, M.D.
More than 192 million votes, or approximately 85% of the votes cast in the election and 72% of the shares outstanding as of the record date, were voted for each of the six uncontested nominees. With regard to the four contested seats, Dr. Olanoff and Mr. Goodman each received over 120 million votes, or approximately 54% and 53% of shares voted, respectively, and Dr. Salans received over 107 million votes, or approximately 48% of shares voted.
Icahn nominee Pierre Legault, who received approximately 114 million votes (approximately 50% of shares voted), was the only Icahn nominee to be elected to the Forest Board. Daniel Ninivaggi, the Icahn nominee with the second highest number of votes, trailed Dr. Salans by approximately 19 million votes. Eric Ende and Andrew Fromkin received approximately 49 million and 42 million votes, respectively. As of the 2012 Annual Meeting record date, the Icahn group held approximately 26.4 million Forest shares.
Forest’s board will now consist of: Nesli Basgoz, M.D.; Christopher J. Coughlin; Kenneth E. Goodman; Pierre Legault; Gerald M. Lieberman; Lawrence S. Olanoff, M.D., Ph.D.; Lester B. Salans, M.D.; Brenton L. Saunders; Howard Solomon; and Peter J. Zimetbaum, M.D.
More than 192 million votes, or approximately 85% of the votes cast in the election and 72% of the shares outstanding as of the record date, were voted for each of the six uncontested nominees. With regard to the four contested seats, Dr. Olanoff and Mr. Goodman each received over 120 million votes, or approximately 54% and 53% of shares voted, respectively, and Dr. Salans received over 107 million votes, or approximately 48% of shares voted.
Icahn nominee Pierre Legault, who received approximately 114 million votes (approximately 50% of shares voted), was the only Icahn nominee to be elected to the Forest Board. Daniel Ninivaggi, the Icahn nominee with the second highest number of votes, trailed Dr. Salans by approximately 19 million votes. Eric Ende and Andrew Fromkin received approximately 49 million and 42 million votes, respectively. As of the 2012 Annual Meeting record date, the Icahn group held approximately 26.4 million Forest shares.
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