Illumina Sued For Rejecting Roche Bids That Topped $8B

Law360, New York (February 12, 2013, 4:08 PM EST) -- Genomics equipment maker Illumina Inc. and several board members ignored their duty to shareholders when they rebuffed Roche Holdings AG takeover offers that at times topped more than $8 billion, a money manager said in a lawsuit filed Monday.

Vista Capital Management SA said the board members of San Diego-based Illumina chose to entrench themselves rather than entertain Roche's overtures, including a reported $70-per-share offer they rebuffed as recently as January.

Geneva, Switzerland-based Vista, which made its claims in a lawsuit filed in federal court in...
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