Carl Icahn says Illumina’s appeal of FTC order to divest Grail is ‘an almost impossible battle’
Publishing timestamp: 2023-04-05 16:55:28
Summary
Activist investor Carl Icahn has criticized Illumina's decision to appeal the Federal Trade Commission's order to divest its acquisition of cancer test developer Grail, calling it an "almost impossible battle" that will come "at great expense" to the DNA sequencing company. Icahn, who owns a 1.4% stake in Illumina, has been pushing for the company to unwind the Grail deal and replace its CEO Francis deSouza. The FTC argued that the $7.1 billion acquisition would stifle competition and innovation. Illumina expects a decision on its appeal of the FTC and European Commission orders in late 2023 or early 2024.
Sentiment: NEGATIVE
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