Illumina Inc. (ILMN) confirmed that Roche Holding AG(RHHBY.PK) has commenced its previously announced unsolicited tender offer to acquire all of the outstanding shares of Illumina's common stock for $44.50 per share in cash.
Illumina said that its Board will thoroughly review the offer to determine a course of action that it believes is in the best interests of Illumina stockholders.
Illumina noted that its board intends to advise stockholders of its formal position regarding the tender offer within ten business days by making available to stockholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9. Illumina's stockholders are advised to take no action at this time pending the review of the tender offer by the Company's Board.
Illumina reaffirmed the preliminary unaudited fourth quarter and 2011 fiscal year financial results, including fourth quarter revenue of approximately $250 million and fourth quarter estimated pro forma earnings of $0.34 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.29 per share on revenues of $248.31 million for the fourth-quarter. Analysts' estimates typically exclude special items.
The company reaffirmed its expectation that it will meet or exceed equity analyst estimates for 2012 and will resume providing guidance on its fourth quarter earnings call.
In light of the commencement of Roche's unsolicited tender offer, Illumina also announced that it will postpone its previously scheduled fourth quarter and fiscal year 2011 earnings announcement and related conference call with analysts, investors, and other interested parties.
Swiss pharma giant Roche Holding said Tuesday it would make a hostile offer of $44.50 per share to the shareholders of San Diego, California-based genetic diagnostics company Illumina, representing an all-cash deal of about $5.7 billion.
For comments and feedback: editorial@rttnews.com