Forest Labs responds to Icahn Director Nominations
Forest Laboratories announced that it has received notice from entities affiliated with Carl C. Icahn stating their intention to nominate four individuals to Forest's ten-member Board of Directors for election at the company's 2012 Annual Meeting. Icahn's prior filing on May 30th named only Eric J. Ende as a nominee. The additional nominees in the amended filing are: Andrew J. Fromkin, Pierre Legault and Daniel A. Ninivaggi. In a statement, the company said: "As we noted on May 30th, the Nominating and Governance Committee of the Board will evaluate Mr. Icahn's nominees. We have a strong and independent Board, including three new independent directors elected last year, who are committed to acting in the best interests of all of Forest's shareholders. We believe Forest is very well positioned to build on its longstanding track record of successful value creation." Forest also received a request from Icahn seeking to inspect certain books and records of the company. While the company believes the characterizations in Icahn's demand are generally unsupported and inaccurate, it will evaluate the merits of the demand and determine in due course what documents, if any, Icahn is entitled to under Delaware Law.