Illumina shares fall as Ichan reportedly abandons second proxy contest

Investing.com -- Illumina shares fell Tuesday after activist investor Carl Icahn dropped a threat to oust more of the DNA sequencing giant's board members, walking away from a second proxy contest, Reuters reported, citing unnamed sources.

Illumina Inc (NASDAQ: ILMN) was down 4% following the news.

In December, Ichan had threaten to oust more Illumina directors in a second proxy battle in as many years, after growing dissatisfied with the board's performance including its acquisition of blood test maker grail.

Following the DNA sequencing giant plan to sell grail amid significant regulatory opposition, Icahn now sees little value in a new proxy contest, the sourced told Reuters.

Still, Icahn remains intent on persisted with lawsuit he filed against Illumina directors last year, for allegedly breaking their fiduciary duties by acquiring grail despite antitrust concerns from regulators.

Ichan and Illumina declined to comment, Reuters reported.

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