Illumina's Board Rejects $6.5B Cash Offer From Roche

Law360, Los Angeles (April 2, 2012, 8:15 PM EDT) -- Illumina Inc.’s board of directors unanimously rejected a revised $6.5 billion hostile takeover bid from Roche Holding AG on Monday, saying the drugmaker’s 15 percent increase over a $44.50-per-share offer from January still undervalues the gene-sequencing company.

“Our board of directors, together with our financial and legal advisers, met on March 31 and again on April 2 to review and consider the revised offer and unanimously determined that it dramatically undervalues Illumina and does not adequately reflect Illumina’s singular position in an industry poised for extraordinary...
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