Amarin Corp. ( NASDAQ: AMRN ) shareholders should vote against activist Sarissa's nominees for the board at a vote later this month, proxy advisor ISS recommended.
“The board has appropriately refreshed itself and the company's positioning for commercial success appears to be improving. [Sarissa] has not presented convincing criticisms in either of these areas," ISS said in a report on Thursday, according to release from Amarin. " As such, [Sarissa] has not made a compelling case for change.”
The ISS recommendation to vote against the Sarissa nominees comes after fellow proxy advisory firm Glass Lewis recommended holders also vote against all of Sarissa's proposals on Monday.
Sarissa has been involved in a proxy battle with Amarin ( AMRN ) and last month called for a special meeting of shareholders to remove the current board chairman and add its backed representatives. At the proposed meeting, Sarissa said it wanted to add seven directors it backs to the board and remove chairman Per Wold-Olsen.
The vote is scheduled for Feb. 28.
Sarissa is Amarin's ( AMRN ) largest holder with a 6.2% stake. Activist investor Sarissa, led by Alex Denner, who at one time worked for Carl Icahn, announced in early June that it planned to seek representation on the company’s board.
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Amarin holders should vote against Sarissa board nominees, proxy advisor ISS says