July 16, 2012 / 12:07 PM / 5 years ago

UPDATE 1-Forest Labs asks shareholders to reject Icahn slate

July 16 (Reuters) - Forest Laboratories Inc asked shareholders to support its board slate at its upcoming annual general meeting and reject an alternative slate proposed by activist shareholder Carl Icahn.

“Icahn’s slate has significant and obvious conflicts and entanglements that compromise their independence and ability to represent all Forest shareholders,” Forest said Monday in a letter to shareholders.

The letter is the latest salvo in an escalating proxy battle between Forest and its second largest shareholder Icahn, who last week warned that time was running out for the company to accept his director nominees.

The investor, who is seeking to replace four of Forest’s board with his own nominees, said that his prior proposal to replace or add two board members was rejected by Forest Chief Executive Howard Solomon.

Forest’s annual general meeting is slated for Aug. 15.

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