Forest Labs Continues to Reject Icahn, Who Continues to Fight Back

With the company’s annual shareholders’ meeting set for August 15, Forest Laboratories Inc. (NYSE: FRX) continues its proxy fight with activist investor Carl Icahn, who has proposed a slate of four candidates for the company’s board of directors. Forest Labs today has said that it plans to file a presentation with the Securities and Exchange Commission responding to a presentation from Icahn charging that the company is misleading investors. From the company’s press release:

The misguided assertions in Mr. Icahn’s July 30 filing expose his fundamental lack of understanding of Forest’s business.

Icahn fired back this morning with another filing, announcing that Egan-Jones Proxy Services has recommended Icahn’s slate of candidates. Icahn noted:

The Egan-Jones recommendation should send a strong signal to stockholders that change is warranted on the Forest Labs board and that my nominees have impressive qualifications and a viable plan to enhance shareholder value at Forest Labs.

The dueling filings have not ginned up any premarket activity on Forest Labs’ stock, which closed yesterday at $33.83 in a 52-week range of $28.47 to $37.48.

Paul Ausick