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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.
