Icahn Sues Mylan Over Board Election Rules

Financier Carl Icahn launched his latest challenge to Mylan Laboratories Inc.’s $3.8-billion bid for rival King Pharmaceuticals, suing Mylan to block proposed new rules on board elections.

The suit came after the generic drug company said it would impose rules shortening the time frame for nomination of company directors, said Icahn, a large Mylan shareholder and opponent of the deal. The suit seeks “injunctive relief” to allow Icahn “time to select and notify Mylan of his proposed slate of directors.”