Illumina Backed By Advisory Firm In Roche Proxy Fight

Law360, New York (April 6, 2012, 3:02 PM EDT) -- Shareholder advisory firm Institutional Shareholder Services Inc. on Friday backed the current board of gene-sequencing company Illumina Inc. in its proxy fight with takeover suitor Roche Holding AG, which last week bid $6.5 billion for the company.

The proxy advisory  firm said in a Friday report that Roche's offer undervalues the company and that the California company's shareholders should keep in place the current board of directors and not vote for the independent nominees of the Swiss research health care company.

Roche blasted the ISS recommendation...
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