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Shares of Illumina Inc.
ILMN,
-4.24%

were up about 8% in premarket trading on Monday after the Wall Street Journal reported Sunday that Carl Icahn is planning a proxy fight. The billionaire activist reportedly believes that the company’s $7.1 billion acquisition of cancer-test maker Grail cost shareholders $50 billion. Regulators in the U.S. and Europe have attempted to block the deal. Icahn plans to nominate three people to the Illumina board on Monday, the Journal reported. Illumina’s stock has declined 36.1% over the past year, while the broader S&P 500
SPX,
-1.45%

is down 7.8%.