Update on Facet Biotech Corporation: Roderick Wong Withdraws Board Nominees

May 5, 2009 · 1 Comment

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Facet Biotech Corporation (FACT) and Roderick Wong, M.D., jointly announced on Monday that based on productive discussions between Facet and Dr. Wong, Dr. Wong has withdrawn his slate of director nominees for election at Facet’s 2009 annual meeting of stockholders and will not present, recommend or move for the election of any of the nominees he had submitted for election.

Faheem Hasnain, president and chief executive officer of Facet, said, “We thank Dr. Wong for raising important concerns held by some of Facet’s stockholders and advocating for these stockholders. Our Board values his insights regarding the future of the company and we look forward to an ongoing constructive dialogue with Dr. Wong.”

Dr. Wong said, “I am pleased to have brought this situation to an amicable conclusion. Our discussions have focused on issues that are critical to Facet’s success and I appreciate the time and attention that the company has devoted to our discussions.”

In a conference call with Facet’s management on March 26, 2009, Roderick Wong had expressed dissatisfaction over the company’s business plan and burn rate, and suggested dividend payment of up to $15 per share and sale of the remaining assets of the company. Additionally, Wong had proposed the appointment of an alternate slate of five directors, including Wong himself, Philip R. Broenniman, Robert L. Chapman, Jr., David Gale, and Bradd Gold.

Categories: Activist Investing · Update · Value Investing
Tagged: Activist Investing, facet biotech, roderick wong

1 response so far ↓

  • shaun // May 7, 2009 at 6:27 pm | Reply

    will be interesting to see what Baupost does after this. it’s hard to tell from the outside if this is a positive or a negative.

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