Illumina says Icahn nominees ‘lack relevant skills and experience’

Illumina issued the following statement in response to a letter from Carl Icahn dated March 24, 2023: "Directors and Officers (D&O) insurance and corporate indemnification are standard for Delaware companies, and support directors in making decisions in the best interests of shareholders. All major U.S. public companies, including Illumina, regularly review their D&O insurance to reflect appropriate coverage. As the Financial Times reported earlier today, "it is not uncommon for a company buying another business to increase insurance limits during the acquisition process." Illumina’s Board of Directors is independent and acts in the best interests of its shareholders. The Board takes its fiduciary duties seriously and exercises considered and deliberate judgement with independent advice. Illumina steadfastly follows appropriate risk management and disclosure practices. Illumina’s disclosures are full, transparent and timely, consistent with SEC and other disclosure requirements. To keep investors informed, Illumina regularly shares relevant corporate risk factors, including those related to GRAIL. Any suggestion otherwise is a mischaracterization of the facts. Mr. Icahn’s nominees lack relevant skills and experience for Illumina’s Board. Mr. Icahn has no ability to accelerate the legal and regulatory processes and neither do his nominees."