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Smackdown: Another VIVUS, Inc. (VVUS) Offer is Rejected by First Manhattan


7/17/2013 6:46:16 AM

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Is the Vivus board close to capitulation? In the latest twist in the nasty proxy battle between Vivus and its largest shareholder, the beleaguered diet drug maker discloses that a proposed settlement was “immediately” rejected by the First Manhattan investment fund, which holds 9.9 percent of its shares. What was offered? The Vivus board would include “equal representation” from both the drugmaker and First Manhattan – the nominees would have been its four most recently appointed directors and four First Manhattan nominees, including three recommended by a proxy advisory service and a new ceo.

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