Forest Laboratories Inc said on Tuesday it will add a representative of Carl Icahn as an independent member to its board, averting a new proxy battle with the billionaire investor.The specialty drugmaker said the appointment of Vincent Intrieri, 56, would expand the board's size to eleven from ten directors. Intrieri has worked for various Icahn-related entities since 1998 and sits on a number of boards, including Chesapeake Energy Corp, Forest said.Icahn is Forest's second largest shareholder, owning about 11.5 percent of the drugmaker's outstanding shares."As part of the agreement, Mr. Icahn has agreed to vote the shares that he controls in support of Forest's 11 director nominees and not run a proxy contest" at the annual meeting, Forest said in a release.
Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Shares of CHK fell by 2.05% or $-0.45/share to $21.47. In the past year, the shares have traded as low as $16.23 and as high as $22.97. On average, 11838300 shares of CHK exchange hands on a given day and today's volume is recorded at 4688821.
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 2.53% or $-1.04/share to $39.99. In the past year, the shares have traded as low as $31.28 and as high as $41.10. On average, 1392040 shares of FRX exchange hands on a given day and today's volume is recorded at 1072641.
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