Bausch Health Files Supplement to Proxy Statement Amid Icahn's Equity Swaps

Bausch Health Companies Inc. has filed a supplement to its proxy statement following revelations that Carl Icahn and affiliates hold cash-settled equity swaps for approximately 90 million shares, covering 34% of the company's shares. This update to the proxy statement comes ahead of Bausch Health's annual general meeting on May 13, 2025.

The board directed a review of Icahn's equity swaps and bonds held by Chairman John Paulson. Sidley Austin, as independent counsel, found that Icahn's positions do not confer voting power and disclosed Paulson's bond holdings were not a related party transaction.

Bausch Health also adopted a shareholder rights plan to prevent any entity from acquiring more than 20% of its shares without consent. This plan aims to protect shareholders from potential creeping takeovers. The company maintains that this move aligns with shareholder interests.