In a response to a letter received from Carl Icahn, Forest Laboratories Inc. (FRX: Quote) said it regret that Icahn has resorted once again to his tired playbook designed for maximum distortion, distraction and litigation rather than engaging constructively with the Company.
The company said Icahn continues to ignore the substantial progress Forest has made over the past year, including the launches of Teflaro, Daliresp and Viibryd in 2011 and the filing of NDAs for aclidinium and linaclotide, which the company expects will be approved in the coming months.
Instead, Icahn is simply recycling arguments that were rejected last year by the vast majority of Forest shareholders, and has nominated a director slate led by Eric Ende, who received the lowest number of votes of any of the fourteen nominees to Forest's board last year, the company said.
While the company remains prepared to engage in a reasonable dialogue with Icahn, the company think most people see through his attempt to reinvent himself as a 'governance guru,' Forest Laboratories said.
The company said Icahn was also wrong when he stated that Forest has not fulfilled its commitment to consult with a leading corporate governance expert. The company stated that it has consulted with Dean Robert Clark of Harvard Law School, who has advised the Company on a range of topics, including the succession process.
The company noted that it has not only consulted with Dean Clark, but it has taken several steps to enhance its corporate governance.
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by RTT Staff Writer
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