Vivus says FMC rejects compromise offer

July 17 Wed Jul 17, 2013 5:48am EDT

July 17 (Reuters) - Obesity drug maker Vivus Inc said activist investor First Manhattan Co rejected a settlement offer by the company that included equal representation of Vivus and FMC on the board.

The proposal also included an offer from Vivus's Chief Executive Leland Wilson to resign from the board and to retire as CEO once the board appointed a replacement.

The proxy war between Vivus and FMC has also led to FMC suing the company on Tuesday for delaying a shareholder vote on FMC's push to gain control of the board.

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