Thursday, September 21, 2006

As Icahn Wins ImClone Board Seat, A Fight Is Brewing

It was a win-some, lose-some day for Carl Icahn. ImClone Systems shareholders added Mr. Icahn and his slate of hand-picked nominees to the board, but the billionaire investor then lost a board vote to replace the current chairman.
Investors approved Mr. Icahn and two of his candidates today at ImClone’s annual meeting, setting the stage for a battle over who will manage the New York-based company. Later, the board refused to accede to Mr. Icahn’s demand that current chairman David Kies be replaced, voting to return him to the job.

No comments: