Actelion shareholders vote to retain directors and for company's new appointees
At yesterday's Annual General Meeting of Swiss biotech firm Actelion (SIX: ATLN) held in Basel Switzerland, shareholders thwarted hedge fund investor Elliott Advisors efforts to oust the company’s board members, including chairman Rob Cawthorn and chief executive Jean-Paul Clozel, also founder of the company. Elliott wanted to replace directors with six new ones of its own choosing.
The meeting was attended by 486 shareholders, representing 78,430,215 shares or 60.41% of the total outstanding shares. They also rejected a proposal to reduce the term of office for board members to one year.
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