Roche extends hostile $5.7 billion Illumina bid

Roche extends hostile $5.7 billion Illumina bid

Swiss pharmaceutical giant Roche on Monday extended its hostile $5.7 billion bid for US gene mapper Illumina by four weeks.

“Roche announced today that it has extended its cash tender offer to acquire all outstanding shares of Illumina, Inc., at a price of $44.50 per share, to 6:00 p.m., New York City time, on April 20th, 2012,” the Basel-based group said.

The group’s previous offer ran until March 23rd, but it has so far only received shares worth about $6.4 million.

Roche claims that its offer is 64 percent higher than Illumina’s closing price on December 21st, 2011 — “the day before market rumours” of the bid sent the stock higher.

But Illumina, a provider of integrated systems for DNA sequencing, had opposed the hostile bid, saying it “does not reflect Illumina’s unique leadership position, business performance and future prospects.”

Member comments

Become a Member to leave a comment.Or login here.