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Carl Icahn Issues Letter To Howard Solomon Of Forest Laboratories
Date:7/2/2012

resentatives first joined the Amylin board in June 2009, the stock was trading at $11.26 per share.  In no small part due to our candidates' efforts, it was just announced that Bristol-Myers agreed to acquire Amylin for $31.00 per share, representing an increase of over 175% from that June 2009 price.  At the time very few thought this outcome was possible. Additionally, the share prices of Biogen, Genzyme, and Imclone have increased by approximately 180%, 48%, and 132%, respectively, since the date our representatives joined (or announced joining) those boards.  I believe there is little argument that without our candidates' presence on the boards of these companies these stellar results would not have been obtained.  Indeed, from the time our candidates joined the boards of these companies, theirs stocks have meaningfully outperformed the biotech index.  We believe the candidates we intend to nominate all have superior qualifications and would be productive members of the Forest Labs' Board.  We also believe they will be a strong force in replicating the stellar results that our nominees have helped to produce in the bio-tech companies mentioned above.

Since your misleading letter, I have given a great deal of thought to the question of why you are afraid to give us board representation.  I believe I have deduced the answer.  Over the years of being a successful activist I have learned to understand thought processes of certain types of CEOs.  As a result, I have come to a disturbing conclusion.  Several years ago you began a pattern of selling Forest stock at prices substantially higher than today's price. Those sales now look to me like a savvy bet against the prospects of a company that was not prepared to meet the calamitous events that would befall it several years in the future when Lexapro went off patent.  However, unfortunate loyal shareholders that were not privy to your knowledge and t
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SOURCE Carl Icahn
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