DOW JONES NEWSWIRES Illumina Inc. (ILMN) said a third proxy-advisory firm, Glass Lewis, is recommending that the U.S. gene-sequencing company's shareholders vote against Swiss drug maker Roche Holding AG's (ROG.VX, RHHBY) slate of board candidates as Illumina continues efforts to ward off a takeover bid. Last week the company rejected Roche's sweetened offer of $51 a share, saying the revised bid--which values the company at about $6.5 billion--was still inadequate and opportunistic, a view Illumina repeated Tuesday. Glass Lewis in its report said it expects Roche's proxy fight "is intended to serve as little more than additional pressure to complete the transaction on Roche's terms." A Roche spokesman wasn't immediately available to comment. On Friday, Institutional Shareholder Services said shareholders should vote the Illumina board back into service, and reject Roche's slate because the offer likely undervalues the future of Illumina. Egan-Jones Ratings Co. made a similar call. Ilumina shares were down 11 cents at $52.51 in recent. The stock is up 72% this year. --By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
