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Roche Doesn't Plan To Extend Bid For Illumina

DOW JONES NEWSWIRES Roche Holding AG (ROG.VX) said it doesn't plan to extend its unsolicited takeover bid worth more than $6.5 billion for Illumina Inc. (ILMN) past Friday's deadline, citing preliminary estimates indicating that the incumbents on the U.S. gene-sequencing company's will be re-elected. "We do not believe that a price above Roche's offer for Illumina of $51 per share would be in the interest of Roche's shareholders," Roche Chief Executive Severin Schwan said. Ilumina shares were down 9% at $40 in recent premarket trading. Through Wednesday's close the stock was up 44% this year amid the takeover offer. A Roche unit had proposed amending Illumina's bylaws to increase the number of directors on its board and offered two individuals to fill the new slots. If all Roche's proposals were adopted and its nominees elected, Roche's nominees would have constituted a majority of Illumina's board. Three proxy advisory firms had recommended that Illumina's shareholders vote against Roche's slate, and Illumina's board has recommended shareholders reject the proposals. Roche recently raised its offer for Illumina, but the company has continued to spurn the offer as undervaluing its "extraordinary" growth prospects. Roche has called its bid "full, fair and extremely attractive." The world's largest maker of cancer drugs had launched the hostile takeover attempt in late January in part of a search for ways to expand its offerings in the burgeoning personalized-medicine market. -By Tess Stynes and Joan E. Solsman, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Illumina (ILMN)
DateTimeHeadline
02/11/201613:36:33Statement of Ownership (sc 13g)
02/11/201604:00:00Genomics England Enters Bioinformatics Partnership with Illumina
02/10/201610:21:04Amended Statement of Ownership (sc 13g/a)
02/10/201609:11:46Current Report Filing (8-k)
02/10/201606:30:00Illumina Building Long Read Application Partnerships
02/03/201610:17:53Amended Statement of Ownership (sc 13g/a)
02/02/201618:40:00Illumina Posts 32% Decline in Profit
02/02/201616:36:32Current Report Filing (8-k)
02/02/201616:32:00Illumina Reports Financial Results for Fourth Quarter and Fiscal...
02/01/201616:42:40Current Report Filing (8-k)
02/01/201606:30:00Illumina Signs Multiple Biobank Deals
01/28/201618:11:12Statement of Changes in Beneficial Ownership (4)
01/28/201608:31:59Current Report Filing (8-k)
01/28/201606:30:00Illumina Appoints Dr. Frances Arnold to Its Board of Directors
01/21/201618:34:29Statement of Changes in Beneficial Ownership (4)
01/19/201606:30:00Illumina to Announce Fourth Quarter and Fiscal Year 2015 Financial...
01/14/201618:03:35Statement of Changes in Beneficial Ownership (4)
01/14/201612:04:17Current Report Filing (8-k)
01/11/201614:31:00Bio-Rad and Illumina to Co-Develop Comprehensive Solution for...
01/11/201614:29:00Illumina Extends Genomics Portfolio

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