There is no joy for Elliott as it failed utterly in its attempt to elect a rival slate of candidates for the board of Actelion. Shareholders convincingly backed the existing management -- and were rewarded with two stronger board members, former GSK CEO Jean-Pierre Garnier and former Schering-Plough CFO Robert Bertolini to boot.
Said Actelion CEO, Jean-Paul Clozel, "So much energy was spent for this fight, which should have better gone into the development of new drugs." Get on with it Jean-Paul, get on with it.
In the meantime, Elliott will also have to behave and hope for a turnaround or another big failure if they want to reactivate their uprising.
Posted by Bruce Lehr May 5th 2011.
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