Roche Gives Up On $6.2B Hostile Bid For Illumina

Law360, New York (April 18, 2012, 1:56 PM EDT) -- Swiss drugmaker Roche Holding AG has accepted defeat and will not raise a $6.2 billion bid for Illumina Inc., after shareholders for the Californian gene-sequencing company voted to block its takeover plans, Roche said Wednesday.

Preliminary results for Illumina's annual shareholder meeting on Friday, which was moved forward three weeks expressly because of the hostile bid, show that the company's shareholders have voted to keep in place its current board of directors and not elect the independent nominees of the Swiss health care research company....
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