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Carl Icahn Submits His Biogen Plan with SEC filings

By Amarendra Bhushan for CEOWORLD Magazine Updated:April 12, 2009

Carl Icahn nominated four members for Biogen’s board and proposed expanding its size to 13. Biogen’s board size is currently set a 12.

Icahn also proposed moving the company’s incorporation from Delaware to North Dakota, which recently enacted laws that give investors more power in questioning corporate management decisions.

Icahn currently holds about a 5.4% stake in Biogen.

Last year, Biogen shareholders voted down Icahn’s proposals.

In 2007, Icahn pushed Biogen to put itself up for sale, arguing that the biotechnology group might be better off owned by a larger entity. Biogen took itself off the market after a few months, asserting that it had received no suitable offers.

Following the release of the financials, the Company will host a live webcast where Biogen Idec management will discuss the financial results, at 4:30 pm ET. To access the live webcast, please go to Biogen Idec’s website at investor.biogenidec.com. Following the live webcast, an archived version of the call will be available at the same URL, for one month.

In a filing with the U.S. Securities and Exchange Commission, Icahn’s group also sought to amend the company’s bylaws to expand the number of directors to 13. It said that would enable stockholders to elect a majority of stockholder-nominated directors following the company’s 2010 annual meeting.

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