ICN Launches Proxy Site
Costa Mesa-based ICN Pharmaceuticals Inc. launched a Web site outlining the reasons it says shareholders should back the drug maker’s management and board candidates in its battle with dissident shareholders.
The site includes a synopsis of ICN’s performance and details about management’s board candidates. One link, “How ICN Increases Shareholder Value,” shows “ICN’s on-going commitment to unlocking maximum shareholder value through optimal valuation,” according to the company.
ICN is facing off against two shareholder groups, Franklin Mutual Advisers LLC of Short Hills, N.J., and Iridian Asset Management LLC of Westport, Conn. The two are backing their own slate of candidates for the company’s May 27 annual meeting and board election.
The two investors, which own about 10% of ICN’s stock, contend the company has dragged its feet on a restructuring plan.
The shareholder site is accessible via ICN’s main site, www. www.icnpharm.com, by clicking on “Learn more about ICN’s Annual Meeting.”
