FONT-SIZE Plus   Neg

Roche Says Disappointed By Illumina's Board's Rejection - Quick Facts

Roche (RHHBY.PK) said it is disappointed by Illumina Inc. (ILMN) board's rejection of Roche's increased $51.00 cash offer and continues to rebuff its attempts to engage in substantive talks.

Roche Group's CEO, Severin Schwan, explained, "Roche's increased offer is highly attractive. By not engaging with Roche, Illumina reinforces the notion that its Board and management are determined to preserve their positions rather than maximize shareholder value."

Also, Roche believes that Illumina shareholders would see the substantial value in its increased offer, conclude that there is absolutely no justification for Illumina's current directors' refusal to begin talks with Roche, and vote their shares for the Roche director nominees.

On January 27, 2012, Roche began its tender offer to buy Illumina's outstanding shares for $44.50 per share cash and increased its offer on March 29, 2012 to $51.00 per share cash for an aggregate of some $6.7 billion on a fully diluted basis.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
AT&T announced a definitive agreement to purchase Time Warner in a stock-and-cash transaction valued at $107.50 per share. This purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner's net debt. AT&T expects the deal to close before year-end 2017. Chipmaker Qualcomm is reportedly in talks with NXP Semiconductor NV (NXPI) for a possible acquisition, reports said. According to Bloomberg, negotiations are on with a probable price of $110 t $120 per NXP share. The deal would value NXP at around $34.7 billion. Regulators have confirmed the eleventh U.S. fatality linked to Takata Corp.'s defective air bag inflators. The National Highway Traffic Safety Administration or NHTSA said Thursday that a crash fatality in Riverside County, California, was tied to the rupture of a recalled Takata air bag inflator.
comments powered by Disqus
Follow RTT