Vivus says FMC rejects offer to settle proxy fight

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Vivus says FMC rejects offer to settle proxy fight

By Bill Berkrot (Reuters) - Obesity drug maker Vivus Inc, embroiled in a bitter proxy war with its top shareholder First Manhattan Co, said on Wednesday that FMC had rejected an offer to give the sides equal representation on the board. FMC responded by saying that it remains open to a fair settlement with the Vivus board, despite filing a lawsuit this week against the biotechnology company for postponing its annual shareholder meeting by three days. FMC said at the time of Monday's originally scheduled meeting it had the votes needed to seize control of the Vivus board. ...

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