Activist investor Carl Icahn is set to win enough Illumina Inc (NASDAQ:ILMN) shareholder support to install at least one of his three nominees to the gene sequencing machine maker’s board. A preliminary vote tally shows that Icahn nominee Andrew Teno has won enough shareholder support to get on Illumina’s board. Icahn’s challenge against Illumina, whose market value of $33 billion makes it this year’s biggest board fight, offers the 87-year-old corporate raider a chance to reassert his investment acumen.
Proxy advisory firms Institutional Shareholder Services and Glass Lewis have recommended Illumina shareholders back Teno and two of Icahn’s other nominees, respectively. Icahn has accused Illumina’s board of poor oversight, especially with regards to the company’s $7.1 billion acquisition of cancer test maker Grail. The investor has blamed the Grail deal for Illumina losing $50 billion in market value.
The final vote tally will be revealed at Illumina’s annual shareholder meeting on Thursday. It remains to be seen whether Icahn will be successful in his bid to shake up the board of the gene sequencing machine maker.