Illumina Rebuffs $5.7B Roche Bid With Poison Pill

Law360, New York (January 26, 2012, 5:36 PM EST) -- Gene sequencing company Illumina Inc. moved quickly Thursday to stymie a $5.7 billion hostile takeover bid by Swiss drugmaker Roche Holding Ltd., adopting a poison pill plan just one day after the offer was made.

Illumina had said it would review Roche’s offer on Wednesday to buy Illumina for $44.50 per share and was advising stockholders to take no action until it made a recommendation. But in adopting a poison pill plan Thursday, Illumina said it wanted to “deter coercive or otherwise unfair takeover tactics.”

Illumina adopted...
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