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Forest Laboratories, Inc. (FRX) Defeats Icahn in Proxy Fight



8/19/2011 8:14:33 AM

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 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. Shares of Forest were down 4.1 percent at $33.05 in afternoon trading, in line with the decline for the broader market.

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