logo
Share SHARE
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
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
Follow RTT