Melnyk files proxy circular ahead of Biovail's June 25 annual meeting

By Lisa Kerner

Charlotte, N.C., June 4 - Eugene Melnyk and EM Holdings BV filed a dissident proxy circular on June 2 in connection with their solicitation of proxies in support of their nominees for election at Biovail Corp.'s annual meeting on June 25.

Melnyk's director nominees are: Bruce D. Brydon, Douglas N. Deeth, Joseph J. Krivulka, Vince M. Mazza, William J. Menear, Robert A. Podruzny, Liza A. Harridyal-Sodha, Mark L. Thompson, Dr. Lorne D. Tyrrell and Laurence W. Zeifman.

According to a schedule 13D filed with the Securities and Exchange Commission, Melnyk beneficially owns 18,655,696 shares, or 11.6%, of the Toronto specialty pharmaceutical company.

On June 3, Biovail asked its shareholders to reject nominees put forth by Melnyk, the company's former chairman and chief executive officer.

In a letter to shareholders, Biovail said it is reviewing the filing of the dissident proxy circular by Melnyk and will provide shareholders with a full response "in due course."

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