Activist investor Carl Icahn has opted against pursuing a fresh challenge to Illumina Inc’s (NASDAQ:ILMN) board, a move that spares the U.S. gene sequencing company from facing its second proxy battle in consecutive years.
Previously, Icahn had expressed intentions to remove additional directors from Illumina’s board, attributing the company’s substantial market value decline and the ill-fated $7.1 billion Grail acquisition to mismanagement by the existing board members.
Citing sources familiar with the matter, Reuters highlighted that Icahn’s decision to forgo another proxy contest stemmed from Illumina’s efforts to address antitrust concerns by divesting ...