Third Point provides PDL Biopharma with four potential board nominees

By Lisa Kerner

Charlotte, N.C., March 21 - PDL Biopharma Inc. shareholder Daniel S. Loeb, chief executive officer of Third Point LLC, sent the resumes of four potential board of director candidates to chief executive officer Mark McDade.

The move follows a March 5 letter to PDL Biopharma in which Loeb offered to work with management to streamline the cost structure and asset base at the company, according to a schedule 13D filing with the Securities and Exchange Commission.

Third Point beneficially owns 10,103,600 shares, or 8.8%, of the Wilmington, N.C.-based pharmaceutical company.

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