According to a Reuters story today, BB Biotech, holder of 5% shares, has decided to back Actelion's management in opposition to Elliott's proposed slate of new board members. The battle for the company is to be staged at the May 5th shareholders meeting.
BB Biotech's move, though it also has been critical of the Actelion management in the recent past, will l increase the stake held by shareholders backing the company to nearly 15 percent. Ellioot will have its work cut out for it in any attempt to unseat the board.
"BB Biotech will conduct itself as a critical shareholder demanding good corporate stewardship, but it shall also continue to maintain a constructive relationship with the management and the board of directors of Actelion. Therefore, we intend to support the proposals being put forward by Actelion," the FT quoted spokespersons for BB Biotech as saying.
Posted by Bruce Lehr April 17th 2011.