Investor Fights Illumina's Poison Pill Against Roche Bid

Law360, New York (March 7, 2012, 8:00 PM EST) -- Gene-sequencing firm Illumina Inc. was hit Tuesday with a proposed shareholder class action intended as an antidote to the company's recent poison pill efforts to resist a hostile takeover by Roche Holding AG.

The complaint in California federal court seeks to compel Illumina’s board to negotiate a sale, saying company leaders breached their fiduciary duty by rejecting a $5.7 billion bid from Roche and pursuing a defensive scheme to make a takeover unfeasible.

Under the poison pill plan, if Roche or another bidder gains control of...
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