Bausch Health, in a 24 February announcement, said it “entered into a director nomination and appointment agreement” with Icahn’s investment group to expand the board and add his representatives effective in mid-March and include those members in its slate of nominees for election for the board’s next term at its 2021 annual meeting on 27 April 27.

The Icahn group agreed to vote all its shares in favor of each of the firm’s board nominees, according to the announcement.

“We are delighted to welcome highly respected investor Carl Icahn and his team to join the board,” Papa said in response to an analyst’s question during the firm’s earnings briefing.

“There has been absolute alignment that, number one, there's a lot of upside or opportunities to unlock upside in our company, significant value upside. … I think that's been echoed by our discussions with Carl Icahn and his team. And also, that we are aligned that we believe the important question is how can we unlock this value by spinning out Bausch + Lomb.”

Investors apparently aligned with Icahn having two board members at the firm before cooling on its shares.

In trading at a volume around 75% higher than normal for the day, Bausch Health’s US share price, following the announcement of its Icahn agreement, increased from a previous after-hours trading close of $31.05 to a high of $31.85. However, the price fell from there to a close of $31.05.

With Timetable In Hand And Icahn On Board, Bausch Health Looks To ‘Expedite Spin-Off’

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