Illumina (NASDAQ:ILMN) stock is a hot topic among traders on Monday as reports claim Carl Icahn is gearing up for a proxy fight.
According to a report from The Wall Street Journal, Icahn has issues with recent moves made by Illumina. That includes claims that the company wasted $50 million of investors’ money with its acquisition of cancer-test maker Grail. It should be noted Illumina spent $7.1 billion to acquire this company.
Icahn points out that the acquisition was already facing pushback from regulators in both the U.S. and Europe. He claims that Illumina is moving forward with the deal despite this being a sign that changes need to come to the company.
The reports claim Icahn is getting ready to send a letter to shareholders of ILMN outlining his plans for change. That includes his alleged decision to nominate three members to the company’s board of directors.
What This Means for ILMN Stock
If Icahn has his way, the changes he brings to Illumina could be good news for shareholders. That’s something they would likely welcome, as shares of ILMN stock are down 27.6% over the last year. In fact, we’re already seeing positive movement connected to today’s reports, with shares of the stock climbing 14.9% higher on Monday morning.
Investors seeking out all of the latest stock market news will want to stick around!
InvestorPlace is home to the hottest stock market coverage traders need to know about on Monday! A few examples include why shares of PacWest Bancorp (NASDAQ:PACW), First Republic Bank (NYSE:FRC), and Science 37 (NASDAQ:SNCE) stock are on the move today. You can catch up on all of this news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
