Vivus Inks 11th-Hour Compromise To Avoid Proxy Fight

Law360, New York (July 19, 2013, 11:55 AM EDT) -- A heated, monthslong proxy battle between Vivus Inc. and its largest shareholder ended in a compromise Friday, with the drugmaker agreeing to expand its board and allow activist investor First Manhattan Co. to fill most of the seats with its nominees.

The settlement comes a day after Vivus paused a shareholder vote on the firms' rival proposals for company leadership, reportedly to try to negotiate an agreement with First Manhattan. Under the deal's terms, Vivus will expand its board to 11 seats, appoint six of First...
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