Carl Icahn concedes defeat in a management fight at Biogen–only days after losing an estimated $120+ million in his Yahoo battle. Is the once-feared raider finally over the hill?
Dealbook: Carl C. Icahn has conceded defeat in his proxy fight at Biogen Idec, the biopharmaceutical giant.
A representative for the billionaire investor said that it failed to win support for its three nominees for Biogen’s board. An official tally of Thursday’s shareholder vote was not immediately available.
But Biogen may yet accede to Mr. Icahn’s ultimate goal: a sale of the company. The activist investor began his proxy fight in January, arguing that Biogen’s efforts to sell itself last year were “flawed” and designed to fail.
Photo by Samlustgarten from Flickr
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