Forest Laboratories

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.Icahn has been highly critical of Forest leadership in recent years, arguing that the company has been badly managed and underperforms industry peers. He claimed the company was ill-prepared for the patent expirations of its top-s...

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