Carl Icahn reportedly prepares for a proxy fight at Illumina

Activist capitalist Carl Icahn is preparing a proxy combat astatine Illumina, arguing that the beingness subject maker's acquisition of Grail outgo its shareholders astir $50 billion, The Wall Street Journal reported connected Sunday.

Illumina completed a takeover of cancer-detection trial shaper Grail successful August 2021, without securing regulatory support from the European Union. The European Commission ordered Illumina successful December to unwind the deal, 3 months aft it had blocked the merger connected concerns the woody would stifle innovation.

Icahn plans to nominate 3 radical to Illumina's board, the WSJ study said, citing a missive the billionaire plans to nonstop to the shareholders connected Monday.

"We are convinced that astatine slightest 3 shareholder representatives are needed connected Illumina's committee to effort to enactment an extremity to this insanity present earlier the reckless decision-making escalates into a no-return situation," Icahn wrote successful the letter, according to the WSJ.

Icahn successful the missive said his nominees — Vincent Intrieri, the laminitis and main enforcement serviceman of an concern fund, and 2 of his deputies Jesse Lynn and Andrew Teno — would bring acquisition dealing with crises to the board.

Icahn wrote that helium tried to onslaught a woody with Illumina to debar a proxy battle.

Illumina declined to remark connected the study portion Carl Icahn did not instantly respond to a Reuters petition for comment.