Forest Laboratories Inc (FRX.N) won its showdown with activist investor Carl Icahn on Thursday, saying shareholders backed the company's slate of 10 board members over nominees proposed by the billionaire. Forest was in a strong position to garner support for its entire 10-member slate after it won backing last week from influential proxy advisory firm ISS, although some company watchers had said Icahn could secure a seat for one of his four nominees. Shortly after the annual meeting began in New York, Icahn nominee Alexander Denner congratulated Forest for winning the board vote, based on preliminary results. Forest then confirmed that the early tally showed its board had been elected. Shares of Forest were down 3.2 percent at $33.34 in morning trading.
Forest Laboratories, Inc. (Forest) develops, manufactures and sells branded forms of ethical drug products, most of which requires a physician's prescription. Shares of FRX fell by 3.13% or $-1.08/share to $33.37. In the past year, the shares have traded as low as $27.27 and as high as $40.52. On average, 3814070 shares of FRX exchange hands on a given day and today's volume is recorded at 1564576.
