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Carl Icahn prepares for proxy fight at Illumina

Carl Icahn prepares for proxy fight at Illumina

© Reuters. FILE Image: FILE Picture: Billionaire activist-trader Carl Icahn presents an job interview on FOX Company Network’s Neil Cavuto demonstrate in New York February 11, 2014. REUTERS/Brendan McDermid/File Photo

(Reuters) – Activist trader Carl Icahn is planning a proxy struggle at Illumina Inc (NASDAQ:), arguing that the daily life science maker’s acquisition of Grail Inc price its shareholders approximately $50 billion, the Wall Road Journal reported on Sunday.

Illumina accomplished a takeover of most cancers-detection exam maker Grail in August 2021, without having securing regulatory approval from the European Union. The European Commission purchased Illumina in December to unwind the deal, a few months after it experienced blocked the merger on problems the offer would stifle innovation.

Icahn options to nominate 3 individuals to Illumina’s board, the WSJ report said, citing a letter the billionaire plans to send out to the shareholders on Monday.

“We are persuaded that at minimum a few shareholder representatives are required on Illumina’s board to endeavor to put an finish to this madness now just before the reckless determination creating escalates into a no-return scenario,” Icahn wrote in the letter, according to the WSJ.

Icahn in the letter explained his nominees – Vincent Intrieri, the founder and main executive officer of an financial investment fund, and two of his deputies Jesse Lynn and Andrew Teno – would provide expertise dealing with crises to the board.

Icahn wrote that he tried out to strike a deal with Illumina to avoid a proxy battle.

Illumina declined to remark on the report though Carl Icahn did not right away respond to a Reuters request for comment.