March 17, 2009
On February 25, 2009, Eugene Melnyk and a company under his control, EM Holdings B.V., requisitioned a special meeting of shareholders of Biovail Corporation (“Biovail”) (TSX: “BVF”; NYSE: “BVF”) at which he sought to have shareholders approve several resolutions to bolster Biovail’s corporate governance practices and the election of two of his nominees to Biovail’s Board of Directors. The proposed resolutions addressed items such as: (i) shareholder approval of significant transactions; (ii) amendments to Biovail’s by-law to provide for improved director election practices and fair access to proxies; (iii) amendments to Biovail’s charter relating to corporate governance and disclosure requirements; and (iv) the payment of termination and change of control payments in executive agreements. On March 17, 2009, Biovail announced that its Board of Directors had called an annual and special meeting of its shareholders to be held on May 28, 2009 and that in addition to the ordinary annual meeting matters and matters to be put forth by Biovail, the meeting would also consider the matters raised in the February 25, 2009 requisition from Eugene Melnyk and the company under his control, EM Holdings B.V.
Wildeboer Dellelce LLP acted for Eugene Melnyk and EM Holdings B.V. in connection with requisitioning the shareholders meeting of Biovail with a team that included Charlie Malone, Mark Wilson, Al Wiens and Nick Dobbek.