Billionaire investor Carl Icahn fired another salvo of criticism at San Diego’s Illumina on Friday, claiming a “new low in corporate governance” over the company’s move to enhance insurance coverage for its board of directors just ahead of its contentious $7.1 billion acquisition of cancer diagnostic outfit Grail.
“At the time they elected voluntarily to close the Grail deal over the objections of antitrust regulators, Illumina’s directors were acutely aware of the carnage they were unleashing on shareholders and yet they went ahead anyway,” he wrote. Illumina added that increasing insurance limits for board members is not uncommon for companies ahead of a major acquisition. “Illumina’s board of directors is independent and acts in the best interests of its shareholders. The board takes its fiduciary duties seriously and exercises considered and deliberate judgment with independent advice.”