Icahn loses a big round with Biogen Idec

Carl Icahn's high noon showdown with the executive team at Biogen Idec ended in a rare defeat for the Wall Street spoiler. Icahn conceded the fight, saying his slate of proposed board members [1] had failed to gain enough support from investors. But the New York Times notes that Icahn may ultimately win the war over a prospective sale of the company.

Icahn had claimed [2] that Biogen Idec had only half-heartedly attempted to find a buyer for the company last fall. The biotech company took itself off the auction block in December, saying no one had offered enough money to justify a sale. Now, though, with the dollar in decline and the euro running hot, a new bidder may yet emerge with enough money to win over the reluctant executives left running the company.

- read the report [3] from the New York Times
- see this release [4] from Biogen

Related Articles:
Icahn accuses Biogen of lying about sales process [2]
Biogen squares off against Icahn in board battle [1]
Icahn aims for Biogen control [5]
Biogen shares deflate as it gives up on sale [6]
What's Biogen Idec really worth to Big Pharma? [7]
Biogen Idec in play after Icahn makes his move [8]