Elliott has promptly blunted Actelion's attempt to sever the controversy, per the London Telegraph:
. . . .After exchanging letters to shareholders in the last few days Elliott Partners hit back at the appointment of Mr Garnier. In a statement it said: "Elliott appreciates the fact that Actelion's management has finally accepted our contention that the company's board needs change.
We are pleased to see that our activism is already bearing fruit. However, the proposed appointments of Mr Garnier and Mr Bertolini do not go far enough in making the Board truly independent.
"We will continue to offer shareholders a true choice. . . ."
As I said, do stay tuned -- this is almost certainly only Act I of a three act play. Here was my earlier mention of the board entrenchment controversy.
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