Icahn Blasts Illumina’s Board Over Grail Purchase (1)

Billionaire investor Carl Icahn upped his criticism of Illumina Inc.’s acquisition of Grail Inc., saying in his latest attackthat its board set a “new low” in governance by pursuing the deal over antitrust regulators’ objections.

Illumina’s board of directors “elected voluntarily to declare war on antitrust regulators” by closing the $7 billion transaction in 2021 even as the EU moved to block it, Icahn said in a letter published Friday. Board members sought to protect themselves by taking out “an unprecedented level” of additional personal liability protection when the deal closed, Icahn said, citing a Securities and ...