Proxy battle centers on Illumina's decision to acquire cancer diagnostic firm Grail prior to anti-trust approval in Europe, where regulators aim to force a divestiture
San Diego biotech company llumina is pushing back against well-known activist investor Carl Icahn, who intends to launched a proxy fight for board seats over the San Diego company’s “ill-advised” acquisition of cancer diagnostic outfit Grail Inc. for $7.1 billion.
Illumina took over Grail in August 2021. A month later, the chief administrative law judge for the U.S. Federal Trade Commission ruled that the acquisition was legal — despite attempts from FTC lawyers to block it. Illumina is appealing in court, claiming the European Commission lacks jurisdiction to block the merger between two U.S. companies when Grail does no business in Europe and doesn’t intend to.
“The board has determined Icahn’s nominees lack relevant skills and experience, and that it is not in the best interests of shareholders to appoint Mr. Icahn’s three nominees to the Board of Illumina,” the company said. Grail’s test, which has been used by 40,000 people so far, also pinpoints where cancer is in the body, which is critical to treatment.
“So, what would you do? I know what I would do,” wrote Icahn. “The management team and board of directors that created this mess would be fired immediately and a thorough investigation would be conducted to ascertain whether they engaged in gross negligence.”
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
WSJ News Exclusive | Carl Icahn Prepares for Proxy Fight at IlluminaCarl Icahn is preparing a proxy fight at Illumina, arguing the biotechnology company cost its shareholders roughly $50 billion by plowing ahead with a risky acquisition despite opposition from regulators
Weiterlesen »
Carl Icahn prepares for proxy fight at Illumina - WSJActivist investor Carl Icahn is preparing a proxy fight at Illumina Inc , arguing that the life science maker's acquisition of Grail Inc cost its shareholders roughly $50 billion, the Wall Street Journal reported on Sunday.
Weiterlesen »
Icahn launches proxy fight at Illumina, seeks board seatsBillionaire 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.
Weiterlesen »
WSJ: Carl Icahn says Grail deal cost Illumina shareholders $50 billionShares of Illumina Inc. were up about 8% in premarket trading on Monday after the Wall Street Journal reported Sunday that Carl Icahn is planning a proxy...
Weiterlesen »
Illumina: It’s not in the ‘best interests’ of shareholders to support Carl Icahn’s nominees to the boardIllumina Inc. said Monday it received notice from Icahn Partners that the organization plans to nominate three candidates to to the board over concerns about...
Weiterlesen »
China-Led Iran-Saudi Arabia Diplomatic Deal Shows Alternative to US HegemonyThe deal could have major implications for the ongoing U.S.-supported Saudi proxy war in Yemen.
Weiterlesen »