Activist investor Carl Icahn is preparing a proxy fight at Illumina Inc , arguing that the life science maker's acquisition of Grail Inc cost its shareholders roughly $50 billion, the Wall Street Journal reported on Sunday.
of cancer-detection test maker Grail in August 2021, without securing regulatory approval from the European Union. The European Commission ordered Illumina in December to unwind the deal, three months after it had blocked the merger on concerns the deal would stifle innovation.
Icahn plans to nominate three people to Illumina's board, the WSJ report said, citing a letter the billionaire plans to send to the shareholders on Monday. "We are convinced that at least three shareholder representatives are needed on Illumina's board to attempt to put an end to this insanity now before the reckless decision making escalates into a no-return situation," Icahn wrote in the letter, according to the WSJ.
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