Monday, April 21, 2008

Icahn and Biogen

Carl Icahn has written to the shareholders of biopharm company Biogen Idec, urging the election of three dissidents to that company's board at its next meeting.

His candidates are: Alexander J. Denner, Anne B. Young, and Richard C. Mulligan.

This isn't a fight with which I'm familiar, so I won't pontificate about it just now. I'm just marking my spot -- this is something to watch in the days ahead.

Also, there's a fascinating passage about Carl Icahn and his general modus operandi in Steve Miller's new book.

Miller styles himself "the turnaround kid." He has served as the CEO of many troubled and/or bankrupt companies, including Federal-Mogul, WMX, and Delphi. His discussion of Icahn occurs in the chapter describing his tenure at Federal-Mogul. Here's a bit of it.

"Icahn was uniquely creative in his demands. He was impatient with the board's decisions and would bully us to do things his way....He's effective, I think, because people become so traumatized that they wind up suffering from Stockholm syndrome and will do anything to please him."

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