Icahn says ‘only path forward’ for Illumina is to divest GRAIL

Carl Icahn released an open letter to the shareholders of Illumina, "responding to the obfuscations contained in Illumina’s recent press release and comments to analysts," in which the Illumina shareholder states in part: "IEP‘s thesis is simple. The decision by Illumina’s board of directors to close the company’s acquisition of GRAIL over the explicit prohibition from European Commission regulators exposed Illumina to terrible risks, shows a lack of common sense AND, most disturbingly, destroyed $50 billion of shareholder value. We feel strongly that our three highly qualified directors (none of whom have lost $50 billion) will bring a dose of sanity to Illumina’s "Rip Van Winkle" boardroom and help to clean up the GRAIL disaster. The only path forward is for GRAIL to be divested. Clearly, other shareholders strongly support our efforts, as evidenced by Illumina’s stock market value increasing by over 17% in one day, an increase of $5.2 billion in shareholder value! We believe there is much more value to be unlocked over time and our nominees will work tirelessly for justice for ALL shareholders. In response to our letter, Illumina’s board did what boards do best. They used our money – and yours – to defend themselves against their own shareholders by hiring highly-paid bankers, lawyers and PR firms. In the process, they issued a press release and spoke to sell-side analysts to disseminate the incumbent board’s message… We feel strongly that our three highly qualified nominees are particularly suited because of their experience to help keep Illumina from sinking further into the quicksand. We look forward to meeting with you over the coming weeks and introducing you to our nominees." Reference Link