Illumina Proxy Fight To Be Waged By Carl Icahn

Carl Icahn is preparing a proxy fight against Illumina, arguing that its acquisition of Grail cost its shareholders roughly $50 billion, according to Trade Algo.

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In August 2021, Illumina completed a takeover of the cancer-detection test maker Grail, without obtaining the necessary regulatory approval from the European Union to do so. Illumina was ordered to unwind the deal by the European Commission in December, three months after it had blocked the merger, citing concerns that it would stifle innovation if approved.

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Trade Algo reported recently that billionaire investor Carl Icahn is planning to nominate three individuals to Illumina's board of directors, citing a letter he plans to send on Monday to the company's shareholders.

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“Our firm belief is that at least three shareholders must be represented on Illumina's board of directors in order to attempt to put an end to this insanity before the reckless decision-making escalates into a no-return situation in the near future,” Icahn wrote in a letter to the company.

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The letter from Icahn says that the nominees he has put forward - Vincent Intrieri, the founder and chief executive officer of an investment fund, and two of his deputy nominees, Jesse Lynn and Andrew Teno - will bring to the board experience dealing with crisis situations.

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As Icahn pointed out in his letter, he attempted to work out a deal with Illumina in order to avoid a proxy fight.

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In response to a Trade Algo request for comment on the report, both Illumina and Carl Icahn declined to comment on the reports.