Billionaire activist Carl Icahn is preparing a proxy fight at Illumina Inc (NASDAQ: ILMN), saying the company went ahead with the controversial acquisition of Grail Inc despite opposition from regulators, costing shareholders $50 billion.
According to the letter viewed by Wall Street Journal, the activist plans to nominate three people to the company's board.
Mr. Icahn accuses Illumina of overpaying for a business that made "exactly zero dollars in revenue," then closing the deal despite regulatory hiccups.
He writes that holding on to Grail is costing Illumina $800 million annually, and that it faces a significant tax bill if ultimately forced to divest it.
Illumina was valued at over $70 billion in 2021, but currently, the company has lost over 50% of its value to around $30 billion as the Grail deal remains in limbo while the company faces heightened competition from lower-cost rivals.
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