Hedge funds and C-suites: Icahn prepares for proxy fight at Illumina | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Mar 13, 2023 07:40
By Davit Kirakosyan
Investing.com -- Here is your Pro Recap of the biggest news out of hedge funds and company top brass you may have missed in the past week.
Carl Icahn to launch a proxy fight at Illumina/h2
Activist investor Carl Icahn is preparing to launch a proxy fight at Illumina (NASDAQ:ILMN), seeking three board seats, according to the Wall Street Journal.
According to Icahn, the biotech company's acquisition of Grail costed shareholders $50 billion and is now costing the company $800 million annually. Icahn nominated Vincent Intrieri, Jesse Lynn, and Andrew Teno to Illumina's board and claims that three shareholder representatives are needed to put an end to what he called "reckless decision-making."
He also said that he tried to strike a deal with Illumina before starting a proxy battle. Illumina responded by urging shareholders to vote against Icahn's nominees, stating that its current board represents the interests of its stockholders.
Shares rose more than 3% pre-market today.
As always, InvestingPro subscribers got this news first.
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