Melnyk Drops Biovail Proxy Bid, For Now

Law360, New York (July 28, 2008, 12:00 AM EDT) -- Eugene Melnyk has suspended his proxy fight against Biovail Corp., the Canadian pharmaceuticals company that he founded and in which he remains the largest stockholder.

Melnyk said in a statement Monday that he and EM Holdings BV, also known as the “concerned shareholders,” do not intend to contest the elections at Biovail's upcoming shareholder meeting.

Melnyk's decision comes on the heels of a ruling by a Toronto court that refused to approve Biovail's board elections on June 25. The Canadian court ruled that the meeting was...
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