Glass Lewis backs Icahn’s nominees for Illumina
2023.05.10 11:40
© Reuters. A sign at the front entrance to the global headquarters of Illumina is pictured in San Diego, California, U.S., November 28, 2022. REUTERS/Mike Blake
(Reuters) – Proxy adviser Glass Lewis on Wednesday recommended Illumina Inc (NASDAQ:) shareholders support two of Carl Icahn’s nominees to the U.S. life sciences firm’s board and vote against re-election of the current chief Francis deSouza and chair John Thompson.
Billionaire investor Carl Icahn, who owns 1.4% of Illumina, is waging a boardroom battle. He has called for Illumina, now valued at around $31 billion, to unwind its deal for Grail, which he called a risky acquisition that cost shareholders $50 billion.
Glass Lewis said in a report it recommends shareholders support Icahn’s nominees, Vincent Intrieri and Andrew Teno, adding the company’s $7.1 billion acquisition of Grail had been a “costly, distracting, value-crimping millstone” for Illumina.
The recommendation comes ahead of Illumina’s annual shareholder meeting on May 25.
Illumina did not immediately respond to a Reuters request for comment.
