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ISS Recommends Forest Shareholders Vote the Companya?s White Card at Annual Meeting

^{Published on 2011-08-10 16:41:26 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Forest Laboratories, Inc. (NYSE: FRX) (aForesta) today responded to an Icahn Group press release regarding the recent report issued by leading proxy advisory service Institutional Shareholder Services (ISS):

aContrary to the impression Carl Icahn seeks to create in his press release, ISS today recommended that shareholders vote on the Companya™s WHITE card to elect all ten Forest directors at its upcoming Annual Meeting of Shareholders. Icahn has self-servingly picked isolated statements from the ISS report in a transparent effort to mislead Forest shareholders as to the true conclusion of ISS. ISS thoroughly reviewed Forest's performance metrics, management of patent cliff challenges, and board nominees and concluded that Icahn ahas not demonstrated a compelling case that change at the board level is neededa™. ISSa™s conclusion is clear: shareholders should vote the WHITE proxy card in support of all ten Forest nominees.a

The Company noted that proxy advisory service Egan-Jones also supported all ten of the Companya™s nominees, and that Glass Lewis a" which Icahn also chooses to tout - rejected all but one of Icahna™s nominees.

Forest urges shareholders to vote the WHITE card they have received from Forest and to vote aFOR ALLa ten of Foresta™s nominees to its Board of Directors. Shareholders can vote by telephone, Internet or by signing, dating and returning the Companya™s WHITE proxy card. Forest urges shareholders NOT to sign any gold proxy card sent to them by the Icahn Group. Even a withhold vote for Icahna™s nominees on a gold proxy card will cancel any previous proxy submitted by shareholders that voted aFOR ALLa the Companya™s nominees.

If shareholders have any questions or require assistance with voting their WHITE proxy card, they can contact MacKenzie Partners, Inc., toll-free, at (800) 322-2885. Shareholders can find additional information about the Forest Annual meeting at [ http://www.frx2011annualmeeting.com/ ].

Forward Looking Information

Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties, including the difficulty of predicting FDA approvals, the acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, the timely development and launch of new products, changes in laws and regulations affecting the healthcare industry and the risk factors listed from time to time in Forest Laboratoriesa™ Annual Reports on Form 10-K (including the Annual Report on form 10-K for the fiscal year ended March 31, 2011), Quarterly Reports on Form 10-Q, and any subsequent SEC filings.

Important Additional Information

Forest Laboratories, its directors, director nominees and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Forest shareholders in connection with the matters to be considered at Forest Laboratoriesa™ 2011 Annual Meeting. On July 18, 2011, Forest Laboratories filed its definitive proxy statement (as it may be amended, the aProxy Statementa) with the U.S. Securities and Exchange Commission (the aSECa) in connection with such solicitation of proxies from Forest shareholders. FOREST SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING PROXY CARD AS THEY CONTAIN IMPORTANT INFORMATION. Detailed information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Proxy Statement, including Appendix B thereto. Shareholders can obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by Forest Laboratories with the SEC for no charge at the SECa™s website at [ www.sec.gov ]. Copies are also available at no charge at Forest Laboratoriesa™ website at [ www.frx.com ] or by writing to Forest Laboratories at 909 Third Avenue, New York, New York 10022.

This document contains quotes and excerpts from certain previously published material. Consent of the author and publication has not been obtained to use the material as proxy soliciting material.