Carl Icahn Goes After Biogen Idec (BIIB)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

Biogen_logoBiogen Idec (NASDAQ: BIIB) is coming under fire from activist investor Carl Icahn this morning.  A release came out as a "shareholder proposal" from Icahn Partners LP.  He is asking for four positions for new board members, as well as jurisdiction changes.

Icahn and certain affiliates are proposing the nomination of fourindividuals to serve on the board of directors of the company at theannual meeting:

  • Alexander J. Denner,
  • Richard C. Mulligan,
  • Thomas J. Deuel,
  • and David Sidransky

The proposal also seeks to request that the board changes its companyjurisdiction of incorporation to North Dakota and to amend the bylawsto set the size of the Board at 13.

Biogen Idec’s Board will review the notice and consider it in light ofthe best interests of all shareholders of the Company….

Jon C. Ogg
February 6, 2009

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

Continue Reading

Top Gaining Stocks

INTC Vol: 136,995,208
MU Vol: 54,102,300
KLA
KLAC Vol: 1,165,878
AMAT Vol: 9,726,880
LRCX Vol: 11,465,156

Top Losing Stocks

CTRA Vol: 73,319,495
AKAM Vol: 5,428,188
HSY Vol: 2,666,080
GDDY Vol: 2,546,735
VMC Vol: 1,249,706