Illumina Board Urges Investors To Reject $6B Roche Bid

Law360, New York (February 7, 2012, 9:31 PM EST) -- Gene sequencing company Illumina Inc.'s board of directors on Tuesday urged shareholders to reject a $5.7 billion hostile takeover bid by Roche Holding Ltd., saying the drug giant is trying to capitalize on a momentary dip in Illumina's stock price.

“It is the board’s unanimous belief that Roche’s offer dramatically undervalues Illumina and fails to reflect the value of the company’s unique leadership position and future growth prospects,” Illumina President and CEO Jay Flatley said in a statement Tuesday.

Roche's $44.50 per share offer also puts...
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