Vivus: First Manhattan Rejects Compromise Offer - Quick Facts

(RTTNews) - Vivus Inc. (VVUS) announced its latest proposed settlement offer to First Manhattan Co. or FMC was immediately rejected by FMC.

The Vivus proposal included equal representation from Vivus and FMC, four from each side and one independent investor representative. The four VIVUS nominees proposed were the four most recently appointed Directors. The four FMC nominees proposed included the three recommended by ISS and a new CEO.

The proposal also included an offer from Leland Wilson, Chief Executive Officer of Vivus, to resign from the Vivus Board and to retire as Chief Executive Officer when the Board of Directors has appointed a new CEO.

The company said Wilson is also willing to offer his services as a senior advisor to the Board and the Company to ensure a seamless transition following his retirement.

Wilson said, "It is our desire to end this closely contested proxy battle without handing the company over to Mr. Colin ahead of the vote. We believe our proposal, which included my stepping down as CEO of VIVUS, was extremely fair and balanced. We are very disappointed with his complete rejection of our proposal. If you believe our proposal is in the best interest of stockholders vote the GOLD proxy card."