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Activist investor Icahn launches proxy fight at Illumina
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Activist investor Carl Icahn on Monday launched a proxy fight at Illumina Inc, saying the life sciences company's takeover of Grail Inc had cost shareholders about $50 billion since the closing of the deal.
Shares of Illumina jumped more than 20% to $233.50 in morning trade, and have declined 7.2% since the deal closed in August 2021.
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Icahn plans to nominate three people to Illumina's board at the company's upcoming shareholder meeting, he said in a letter sent to shareholders.
The billionaire also said he had been working privately with Illumina's board for the last few weeks but could not come to an agreement.