Vivus Invites 3 FMC Nominees To Join Board - Quick Facts

(RTTNews) - Vivus, Inc. (VVUS), a pharmaceutical company commercializing and developing therapies to address unmet needs in obesity and sexual health, late Saturday communicated to Sam Colin and his hedge fund, First Manhattan Co. or FMC, that the its Board of Directors invites three of the FMC director nominees to join the Vivus Board regardless of the outcome of the vote at the Annual Meeting of Stockholders to be held on July 15.

Based upon conversations with stockholders in recent months, it has become clear to the Vivus Board that many stockholders favor some change to the composition of the Board. These stockholders have also expressed concern that a wholesale change would disrupt the management team and risk the ongoing progress being made in growing the Qsymia franchise and in its discussions with potential partners.

Therefore, the current Vivus Board has extended an invitation through FMC to the FMC nominees recommended by Institutional Shareholder Services or ISS, Michael Astrue, Alex Denner and David Norton, or any other FMC nominee who is among FMC's three highest in the proxy vote, to join the Vivus Board.

This invitation is valid if FMC is unsuccessful in electing three of its nominees to the Board. This compromise will ensure that three FMC nominees get an opportunity to serve on the Vivus Board.

The Vivus Board also urged stockholders to vote the GOLD proxy card in favor of the Vivus nominees to maintain continuity of the Board and management team.