Illumina Inc

ILMN: XNAS (USA)
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$599.00NmpnblrTwcvgkxt

Illumina: Shareholder Vote Ousts Chairman and Adds One Icahn Associate

A proxy battle between narrow-moat Illumina and activist investor Carl Icahn generated mixed results, ousting the company's chairman, John Thompson, who has close ties to CEO Francis deSouza, but only adding one of Icahn's three nominees (Andrew Teno) to the board. Shares declined over 10% directly following this news, as investors may have been hoping for a more significant change at the embattled genomic sequencing leader. We are not making any fair value estimate changes and view shares as significantly undervalued.

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