03:15 PM EDT, 03/12/2024 (MT Newswires) -- Illumina ( ILMN ) investor Carl Icahn will no longer push for another appointment on the company's board, Reuters reported Tuesday, citing people familiar with the matter.

Icahn previously said he wanted to remove more directors from Illumina's ( ILMN ) board because their mismanagement resulted in the company losing three-quarters of its value, according to the report.

The activist investor blamed the directors for the $7.1 billion acquisition of Grail and will pursue the lawsuit he filed against the company's board last year.

The lawsuit claims Illumina's ( ILMN ) board breached their fiduciary duty by completing the Grail transaction in defiance of regulators.

Icahn does not see any value in a new proxy contest as the company has already taken steps in line with antitrust rulings to divest Grail, the sources reportedly said.

Neither Icahn nor Illumina ( ILMN ) immediately responded to MT Newswires' requests for comment.

Illumina ( ILMN ) shares were down 4.4% in recent trading on Tuesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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