Loeb Reiterates Call for PDLI's CEO's Head; Says Company Should Follow MEDI to the Auction Block

Investing

Published: April 18, 2007 12:46 pm

From 13D Tracker

Large PDL BioPharma (Nasdaq: PDLI) shareholder Third Point LLC, run by Daniel Loeb, confirmed what they called a "very disappointing" response to their recent requests and reiterated its demand that CEO Mark McDade step down, citing his misteps including unnecessary spending on the Company’s corporate headquarters (Loeb called it the Taj Mahal) as well as wasteful R&D and SG&A spending.

Third Point requested that the Company founder and board member Laurence Korn be immediately installed as acting chief executive officer and chairman.

ThirdPoint said PDLI’s Board should act in a similar fashion to MedImmune’s (Nasdaq: MEDI) board, which announced last week that they engaged Goldman Sachs to explore a sale of the Company.

Third Point ended saying, "In sum, we ask the Board to look past personal loyalty to Mr. McDade and think objectively about his performance and about the Board’s duty to shareholders. We are confident that you will come to the conclusion that Mr. McDade must go and that an investment bank should be engaged to explore strategic alternatives expeditiously."

Press Release from Third Point

Cash Back Credit Cards Have Never Been This Good

Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.