Forest Laboratories has engaged outside PR and proxy counsel as it tries to fend off a slate of board nominees backed by activist investor Carl Icahn ahead of the pharmaceutical company’s annual meeting Aug. 15.
Icahn fell short in a bid to stack the Forest board last year.
Sard Verbinnen & Co is working the PR front for Forest, while Mackenzie Partners is working the IR beat in support of VP of IR Frank Murdolo.
Forest on July 30 blasted Icahn’s “changing story” and “continued attempts to mislead investors” amid a “fundamental lack of understanding of Forest’s business.” It is urging shareholders to support its white card slate of 10 board nominees and to ignore Icahn’s gold proxy card.
Icahn got a boost this week as Institutional Shareholder Services said it supports the two of the investor’s four nominees, noting he made a “compelling case that increased boardroom representation and oversight of Forest’s operating expenses are warranted.”
In a statement, he said ISS’ endorsement is “very good news for all shareholders.”
Icahn uses the proxy firm D.F. King & Co.