Headline : Carl Icahn claims Illumina directors got extra insurance to close %26#039;disastrous%26#039; $7.1 billion Grail deal

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Carl Icahn on Friday alleged that Illumina's directors demanded extra personal liability insurance before the biotech company signed off on a $7.1 billion acquisition of cancer test developer Grail in 2021. 

The claim is the latest development in a brewing proxy fight between the activist investor and San Diego-based Illumina, who have been trading jabs over the Grail deal that faces scrutiny from European antitrust regulators. Icahn, who owns a 1.4% stake in Illumina, is pushing for board seats at the DNA sequencing company. The investor also is calling for Illumina to unwind what he calls a "disastrous" acquisition that he believes represents "a new low in corporate governance." 

In a new letter to Illumina shareholders, Icahn claimed that the company's directors required that it commit to providing them with an "unprecedented level of additional personal liability insurance" protection a day before the Grail deal closed on Aug. 18, 2021. 

"It seems that, in private, the directors were terrified that their decision might cause them enormous personal harm," Icahn wrote.

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