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Inquirer Daily News

Archive: April, 2008

POSTED: Thursday, May 1, 2008, 3:05 AM

New CEO David P. Holveck continues to work his magic at Endo Pharmaceuticals Holdings Inc.

Two months ago, the biggest shareholder of Endo was demanding the Chadds Ford drugmaker sell itself.

On Wednesday, the D.E. Shaw investment firm agreed not to wage a proxy battle at this year’s and next year’s annual meetings. In return, Endo will expand its board to eight members, adding a drug industry executive backed by D.E. Shaw.

POSTED: Wednesday, April 30, 2008, 4:33 PM

Another big change for Wyeth: Robert R. Ruffalo Jr. will retire as president of Wyeth Research.

Ruffalo, who joined Wyeth in November 2000, has been responsible for all pharmaceutical R&D.

Wyeth CEO Bernard Poussot called him "the driving force," having helped the company rebuild its product pipeline.

POSTED: Wednesday, April 30, 2008, 4:20 PM

Philadelphia, the best city for recent college graduates?

That's what a little number crunching by two Web sites specializing in apartments and job searches for college grads has determined.

Now this isn't rigorous science, but a fun diversion on a sunny spring afternoon. Apartments.com and CBcampus.com delved into the Census Bureau's 2006 estimates to rank the U.S. cities with the highest concentration of people age 20 to 24.

POSTED: Wednesday, April 30, 2008, 3:02 PM

New CEO Dave Holveck continues to work his magic at Endo Pharmaceuticals Holdings Inc.

Two months ago, the biggest shareholder of Endo was demanding the Chadds Ford drugmaker explore a sale of the company.

Today, the D.E. Shaw investment firm agreed not to wage a proxy battle at this year's and next year's annual shareholders' meetings. Endo agreed to expand its board to eight members, adding a drug industry executive backed by D.E. Shaw.

POSTED: Wednesday, April 30, 2008, 3:05 AM

As the presidential election campaign shows, fiery rhetoric and endorsements get a lot of attention.

Corporations have elections for the board of directors every year, but no one stumps for a board seat except when there’s competition. And that only happens when you have a good old fashioned proxy fight.

Charming Shoppes Inc. is in the thick of one right now, and Tuesday it got more interesting.

POSTED: Tuesday, April 29, 2008, 4:49 PM

The proxy fight at Charming Shoppes Inc. gets more and more interesting.

The proxy advisory firm RiskMetrics Group recommends that shareholders of the Bensalem women's apparel retailers vote for two of the three board candidates put forward by a dissident investor group. The showdown will be at Charming Shoppes' annual shareholders meeting on May 8.

Crescendo Partners and Myca Partners, both New York investment firms, are hoping to win three seats on the eight-member board of directors. Crescendo and Myca contend that the company is not measuring compared with other retailers and that it needs to jettison businesses that are not central to its plus-size apparel strategy.

POSTED: Tuesday, April 29, 2008, 12:01 PM

Wyeth is cutting 1,200 employees, according to the blog Pharmalot.

Workers were notified last Friday, and the Newark Star-Ledger's blog says the cuts were made among employees "in all capacities."

From that, it sounds like the Collegeville complex took its lumps. UPDATE: Wyeth spokesman Doug Petkus says about 250 employees in the Philadelphia area were affected.

POSTED: Tuesday, April 29, 2008, 3:05 AM

Talk about when worlds collide.

Mars Inc. (the candy maker not the parent company of the Red Planet) on Monday agreed to acquire Chicago’s Wm. Wrigley Jr. Co. for $23 billion. Did I mention that Warren Buffett’s Berkshire Hathaway Inc. will be helping to finance the deal?

I think I swallowed my gum.

About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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