Biovail to hold annual meeting, special meeting on May 28

By Lisa Kerner

Charlotte, N.C., March 17 - Biovail Corp. announced it will hold an annual meeting and special meeting of shareholders on May 28 in Toronto.

The record date for the meeting is April 20, according to Biovail.

Shareholders will be asked to consider matters raised in a Feb. 25 requisition by Eugene Melnyk, Biovail's founder and an investor, and a company under his control, EM Holdings BV, Biovail said.

As previously reported, Melnyk asked for the special meeting for the purpose of approving corporate governance resolutions and electing two of his nominees to the board of directors.

Melnyk requested that the special meeting be held in conjunction with the Toronto specialty pharmaceutical company's 2009 annual meeting.

Of particular importance, Melnyk said previously, is the resolution related to the payment of termination and change-of-control payments in executive agreements, which he believes are excessive.

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