Elliott Associates has launched a Web site to open a new front in its battle with biotechnology firm Actelion.
The New York-based hedge fund hopes that the site, www.ATLNshareholdersforchoice.com, will encourage fellow owners of Actelion stock to register their shares in advance of Actelion's May general meeting. Those investors who do not register—and Elliott warns that Actelion has up to 20 days to process registrations—will be excluded from the meeting, at which Elliott hopes to oust several board members.
The site is a "forum and source of information for shareholders to be able to vote and have a choice for Actelion’s upcoming Annual General Meeting on May 5," Elliott explained.
Elliott has previously called upon Actelion's chairman and CEO to resign from the board, and has said the company should consider selling itself. The firm last week hired headhunters to seek out board candidates and a proxy solicitation firm to drum up support for its plans.
"We believe it is the Board’s fiduciary duty to provide Actelion’s owners the proper information to make an informed choice about Actelion’s future," Elliott wrote to the board last month. "The company’s high-risk strategy of investing heavily in new and unproven compounds, despite its poor track record at delivering new products to market in the last four years, deserves to be open to proper scrutiny and shareholders deserve to be given a choice about whether this remains the best course for their company to pursue."