Forest Laboratories Inc.'s (FRX) board sent a letter to the drug
maker's shareholders criticizing billionaire investor Carl Icahn's
slate of four board candidates--the latest in a back-and-forth
between the company and the activist shareholder.
Mr. Icahn has been in a long-running battle with the company.
The skirmish was revived in June when he nominated four candidates
to its board and said he was seeking records of the company's
actions.
In a letter to Forest shareholders dated Monday, the board
claimed that Mr. Icahn's "dissident slate has significant and
obvious conflicts and entanglements that compromise their
independence and ability to represent all Forest shareholders."
The letter also said Forest's board "is unanimous in its view
that Icahn's nominees are unqualified."
The board's letter cited issues including what it called
Icahn-backed candidate Eric Ende's "unorthodox profit-sharing
arrangement" with Mr. Icahn.
A spokesman for Mr. Icahn wasn't immediately available to
comment.
Shareholders are set to vote at Forest's annual meeting Aug.
15.
Forest Labs shares closed Friday at $35.36 and were inactive in
recent premarket trading.
Write to Tess Stynes at Tess.Stynes@dowjones.com