Illumina, already facing pressure from Icahn, saw other activists at year end

Illumina

14/02/2024 23:53

By Svea Herbst-Bayliss
       NEW YORK, Feb 14 (Reuters) - Gene-sequencing company
Illumina  ILMN.O , which was pushed to make changes by Carl
Icahn last year, had two additional activist investors in its
stock at the end of the fourth quarter, according to new
regulatory filings.
    Keith Meister's Corvex Management disclosed buying Illumina
stock during the last three months of 2023 and owning 730,084
shares on Dec. 31.
    The buying came after the stock price edged lower for most
of the year even after investors sided with Icahn's arguments
that changes were needed at the company and elected one of his
director candidates to Illumina's board.
    Meister, who founded his firm in 2011 after serving as
Icahn's lieutenant, did not immediately respond to a request for
comment. 
    Filings also showed that ValueAct Capital, run by Mason
Morfit, owned 328,045 shares at the end of December. ValueAct
had established its Illumina position in the third quarter of
2023 and cut its stake by 37% in the fourth quarter. The firm
did not immediately respond to a request for comment.
    Since Icahn's board challenge early in 2023, the company
announced the departure of Francis deSouza who had been CEO and
its decision in December to divest cancer blood test maker Grail
after regulatory objections. 
    A day after Illumina said it will part with Grail, Icahn
sent a letter to other Illumina shareholders saying that he
plans to oust directors, laying the groundwork for a second
board challenge. He has not offered details on his plans since
then and did not respond to requests for comment on Wednesday.
    At the end of December, Icahn owned 430,000 Illumina shares,
the same as in the previous quarter, his filing shows.
    

 (Reporting by Svea Herbst-Bayliss; Editing by Stephen Coates)
 ((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters
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