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Mat Szwajkos
Investor Carl Icahn and the management of Illumina (NASDAQ:ILMN) are continuing their tussle over Icahn’s attempt to have three of his backed directors added to the company’s board as both sides released statements Thursday.
Icahn released a letter that takes aim at CEO Francis deSouza. In particular, Icahn said that even though the exec said the board would have more independent members, he believes all but one were “handpicked” by deSouza.
The activist investor goes on to criticize the current board for its decision to close the GRAIL acquisition deal despite objections from the European Commission, a move that “subsequently destroyed $50B of shareholder value.
“Even if one of his nominees was Jesus Christ, who admittedly was a great man, we would still insist on [our] three candidates,” Icahn added.
Icahn also brought up DeSouza’s divorce proceedings in which a judge apparently questioned his credibility and testimony
Illumina (ILMN) Thursday filed a preliminary proxy with the SEC in which it recommends voting for the company’s board slate and rejecting Icahn’s nominees.
Illumina (ILMN) said its Nominating/Corporate Governance Committee “found [Icahn’s] candidates wholly lacking in independence and any necessary experience, original perspective, or detail on how or what they would like to see the Company do differently.”
On Wednesday, The Wall Street Journal reported that Icahn wants to bring former CEO Jay Flatley back.
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Image and article originally from seekingalpha.com. Read the original article here.