Chemicals giant Bayer, under pressure from activist shareholders, said on [June 26] it has hired an external lawyer to advise its supervisory board and has set up a new committee to resolve a multi-billion dollar glyphosate litigation issue.
Bayer said it has hired U.S. lawyer John H. Beisner from Skadden, Arps, Slate Meagher & Flom LLP to advise the Supervisory Board on matters related to the glyphosate litigations, including trial tactics and mediation.
Activist shareholder Elliott Associates revealed on [June 26] that it holds Bayer shares and financial instruments equivalent to 1.1 billion euros ($1.3 billion) worth of Bayer stock …. Elliott said it believes …. the special committee will provide a new level of oversight and a fresh perspective to a litigation strategy, which it said needs a radical overhaul.
Read full, original article: Bayer seeks outside advice on litigation as Elliott reveals stake