9:55 a.m. Aug. 19, 2021
- By Tomi Kilgore
Illumina's stock suffering biggest selloff in a year after warning of fines for closing GRAIL merger too soonShares of Illumina Inc. tumbled 9.8% in afternoon trading Thursday, enough to pace the S&P 500's decliners, after the life sciences tools disclosed that it is likely to be fined for completing its acquisition of GRAIL Inc. while the European Commission was still reviewing the merger. The stock was headed for the biggest one-day drop since the 10.9% plunge on Aug. 7, 2020 after . Illumina said late Wednesday that it completed the GRAIL merger, which was . In an late Wednesday, the company said its decision to proceed with the completion of the acquisition "during the pendency of the European Commission's review," the EC was likely to seek to impose a fine of up to 10% of Illumina's consolidated annual turnover. The company said the EC, as well as the U.S. Federal Trade Commission and other regulatory authorities, may seek other fines, but it plans to "vigorously defend" against any fines. Illumina's stock has still gained 19.1% over the past three months while the S&P 500 has tacked on 7.0%.
4:15 a.m. Nov. 12, 2020
- By Tomi Kilgore
Altria to convert its non-voting JUUL shares to voting shares, but will remain a 'passive investor'Altria Group Inc. said it has chosen to convert the non-voting shares of e-cigarette company JUUL Labs Inc. it owns to voting shares. Altria said, however, that it does not intend to exercise its rights as part of the conversion to elect directors to JUUL's board, or to use its voting power other than as a "passive investor," pending the outcome of litigation with the U.S. Federal Trade Commission. In December 2018, for $12.8 billon, with conversion to voting shares contingent on antitrust clearance. In April 2020, . Altria's stock, which slipped 0.4% in premarket trading, has dropped 20.3% year to date, while the SPDR Consumer Staples Select Sector ETF has gained 6.1% and the S&P 500 has advanced 10.6%.