Activist investor Carl Icahn abandons second proxy contest against Illumina due to company's plan to sell Grail amid regulatory opposition.

Activist investor Carl Icahn has reportedly abandoned his plan for a second proxy contest to remove more board members from Illumina, a DNA sequencing company, due to the company's plan to sell Grail amid significant regulatory opposition. Illumina's shares fell by 4% following the news. Icahn still intends to persist with the lawsuit he filed against Illumina directors last year, alleging they broke their fiduciary duties by acquiring Grail despite antitrust concerns from regulators.

March 12, 2024
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