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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 37 slides",
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      "text": "SIGNIFICANT EARNINGS DILUTION AND LACK OF STRATEGIC RATIONALE DROVE A 23% DECLINE IN ILMN’S SHARE PRICE.",
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      "text": "“...uncertainties around the pace of market penetration and revenue generation, a lack of operational synergies, significant near-term dilution, and potential distraction/dilution from the core business recovery next year, we find it hard to get excited about the acquisition, especially considering that ILMN was already positioned to participate from Grail’s ramp.” – JPM (9/21/2020)",
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      "text": "“...ultimately struggle to see shareholder value creation as ILMN will now payout a royalty to GRAIL investors rather than collecting one on top of the product sales to GRAIL as a standalone, in addition to diluting current shareholder ownership by ~7% at the midpoint of the equity raise share collar. As a result, we view the deal as a negative development for shareholders.” – Citi (9/21/2020)",
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      "text": "“By acquiring GRAIL, we believe ILMN is positioning itself to compete with its current liquid biopsy customers which could fray existing relationships as the market unfolds.” – Citi (9/21/2020)",
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      "text": "“We are downgrading ILMN to Neutral given the dilution, limited visibility and lack of a clear ROI associated with the $8BN GRAIL acquisition.” – UBS (9/21/2020)",
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