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.
The Icahn candidates - Vincent Intrieri, Jesse Lynn and Andrew Teno - would help keep Illumina from "sinking further."
"Icahn was explicit and unyielding in his demand that any resolution should give him outsized influence and control," the company said in a statement. Illumina's size shrunk from roughly $70 billion to $30 billion in market capitalization as investors worried about the takeover. On Monday, the stock jumped 16%.
Icahn said he fears the company could lose $800 million in operating costs annually if the Grail deal is not unwound.
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