ISS Recommends Forest Shareholders Vote the Company’s White Card at Annual Meeting
August 10 2011 - 7:34PM
Business Wire
Forest Laboratories, Inc. (NYSE: FRX) (“Forest”) today responded
to an Icahn Group press release regarding the recent report issued
by leading proxy advisory service Institutional Shareholder
Services (ISS):
“Contrary to the impression Carl Icahn seeks to create in his
press release, ISS today recommended that shareholders vote on the
Company’s WHITE card to elect all ten Forest directors at its
upcoming Annual Meeting of Shareholders. Icahn has self-servingly
picked isolated statements from the ISS report in a transparent
effort to mislead Forest shareholders as to the true conclusion of
ISS. ISS thoroughly reviewed Forest's performance metrics,
management of patent cliff challenges, and board nominees and
concluded that Icahn ‘has not demonstrated a compelling case that
change at the board level is needed’. ISS’s conclusion is clear:
shareholders should vote the WHITE proxy card in support of all ten
Forest nominees.”
The Company noted that proxy advisory service Egan-Jones also
supported all ten of the Company’s nominees, and that Glass Lewis –
which Icahn also chooses to tout - rejected all but one of Icahn’s
nominees.
Forest urges shareholders to vote the WHITE card they have
received from Forest and to vote “FOR ALL” ten of Forest’s nominees
to its Board of Directors. Shareholders can vote by telephone,
Internet or by signing, dating and returning the Company’s WHITE
proxy card. Forest urges shareholders NOT to sign any gold proxy
card sent to them by the Icahn Group. Even a withhold vote for
Icahn’s nominees on a gold proxy card will cancel any previous
proxy submitted by shareholders that voted “FOR ALL” the Company’s
nominees.
If shareholders have any questions or require assistance with
voting their WHITE proxy card, they can contact MacKenzie Partners,
Inc., toll-free, at (800) 322-2885. Shareholders can find
additional information about the Forest Annual meeting at
http://www.frx2011annualmeeting.com/.
Forward Looking Information
Except for the historical information contained herein, this
document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks and uncertainties, including
the difficulty of predicting FDA approvals, the acceptance and
demand for new pharmaceutical products, the impact of competitive
products and pricing, the timely development and launch of new
products, changes in laws and regulations affecting the healthcare
industry and the risk factors listed from time to time in Forest
Laboratories’ Annual Reports on Form 10-K (including the Annual
Report on form 10-K for the fiscal year ended March 31, 2011),
Quarterly Reports on Form 10-Q, and any subsequent SEC filings.
Important Additional Information
Forest Laboratories, its directors, director nominees and
certain of its executive officers may be deemed to be participants
in the solicitation of proxies from Forest shareholders in
connection with the matters to be considered at Forest
Laboratories’ 2011 Annual Meeting. On July 18, 2011, Forest
Laboratories filed its definitive proxy statement (as it may be
amended, the “Proxy Statement”) with the U.S. Securities and
Exchange Commission (the “SEC”) in connection with such
solicitation of proxies from Forest shareholders. FOREST
SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT
AND ACCOMPANYING PROXY CARD AS THEY CONTAIN IMPORTANT
INFORMATION. Detailed information regarding the identity of
participants, and their direct or indirect interests, by security
holdings or otherwise, is set forth in the Proxy Statement,
including Appendix B thereto. Shareholders can obtain the Proxy
Statement, any amendments or supplements to the Proxy Statement and
other documents filed by Forest Laboratories with the SEC for no
charge at the SEC’s website at www.sec.gov. Copies are also
available at no charge at Forest Laboratories’ website at
www.frx.com or by writing to Forest Laboratories at 909 Third
Avenue, New York, New York 10022.
This document contains quotes and excerpts from certain
previously published material. Consent of the author and
publication has not been obtained to use the material as proxy
soliciting material.
If you have any questions, require
assistance with voting your WHITE proxy card,
or need additional copies of the proxy
materials, please contact:
MACKENZIE PARTNERS, INC.
105 Madison Avenue New York, NY 10016
frxproxy@mackenziepartners.com
(212) 929-5500 (Call Collect) Or TOLL-FREE (800) 322-2885
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