Activist Rejects Settlement Offer Ahead Of Vivus Proxy Vote

Law360, New York (July 17, 2013, 11:57 AM EDT) -- Tensions between drugmaker Vivus Inc. and its biggest shareholder remained high Wednesday when the company said activist investor First Manhattan Co. spurned a settlement offer that would have given both groups equal representation on its board.

The deal also carried an offer from Vivus CEO Leland Wilson to resign from the company’s board and retire when the reshuffled board of directors selected a replacement. First Manhattan’s rejection comes a day before Vivus’ shareholder vote on the activist investor’s proposed shakeup, controversially postponed since Monday.

“It is...
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