- Billionaire investor Carl Icahn is pushing for three board seats at Illumina, criticizing the biotechnology company's $50 billion acquisition of a cancer test developer.
- Icahn wants the board seats for fear that Illumina's current directors will 'pursue Grail until the end of time without regard to the amount of value destruction they leave in their wake.'.
- Illumina said Icahn's letter does not recognize the value Grail can bring to Illumina shareholders.
- Illumina's size shrunk from roughly $70 billion to $30 billion in market capitalization as investors worried about the takeover.
- Icahn said he fears the company could lose $800 million in operating costs annually if the Grail deal is not unwound.
Icahn launches proxy fight at Illumina, seeks board seats
Billionaire investor Carl Icahn is pushing for three board seats at Illumina, criticizing the biotechnology company's acquisition of a cancer test developer that cost investors $50 billion.
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