BioCentury
ARTICLE | Finance

Ebb & Flow

February 4, 2008 8:00 AM UTC

Carl Icahn has parlayed a 4.2% stake in Biogen Idec (NASDAQ:BIIB) into a probable proxy fight, last week proposing to restructure the board in an attempt to restart efforts to sell the company.

Not only did he propose a slate of three board members to help fill the four seats that are up for election this year, but he also asserted that if Biogen Idec's management "failed to act to enhance shareholder value" he would be back next year to propose four more directors to constitute a majority of the board. ...