Illumina Rejects Icahn's Board Nominees

(RTTNews) - Responding to Icahn Partners' nomination of Directors, Illumina Inc. (ILMN) said its board has determined Icahn's nominees lack relevant skills and experience, and that it is not in the best interests of shareholders to appoint Icahn's three nominees to the Board of Illumina.

Illumina's Board has recommended that shareholders not support Icahn's nominees.

Illumina confirmed Monday that it has received notice from Icahn Partners LP and certain of its affiliates of their intention to nominate three candidates—two current Icahn employees, Jesse Lynn and Andrew Teno, and one former Icahn employee, Vincent Intrieri—for election to the Board of Directors at Illumina's 2023 Annual Meeting of Shareholders.

Illumina alleged that Icahn's letter neither recognizes the real value that GRAIL can provide to Illumina's shareholders, nor reflects an understanding of the regulatory process.

Illumina said it is moving as quickly as possible to arrive at a resolution, with divestiture work already underway in advance of the European Commission's divestiture order.

Illumina expects to execute a divestiture based on the terms of the final order, expeditiously and in a manner that serves the best interests of Illumina's shareholders, unless Illumina wins the jurisdictional appeal in the meanwhile.