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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; [email protected]

Stock News for Illumina (ILMN)
DateTimeHeadline
01/17/201706:30:00Illumina to Announce Fourth Quarter and Fiscal Year 2016 Financial...
01/12/201708:00:00Illumina, NRGene Collaborate to Accelerate Development of New...
01/11/201716:03:39Current Report Filing (8-k)
01/09/201719:10:00IMPORTANT INVESTOR ALERT: Goldberg Law PC Announces Securities...
01/09/201717:35:00Illumina and Bio-Rad Launch Solution for Single-Cell Genomic...
01/09/201717:30:00Illumina Introduces the NovaSeq Series—a New Architecture Designed t...
01/09/201709:00:00IBM and Illumina Partner to Standardize Genomic Data Interpretation
01/09/201708:45:00Philips and Illumina join forces to offer integrated genomics...
01/05/201716:05:00GRAIL Plans to Raise in Excess of $1B in Series B Funding
01/04/201710:22:00Leading Genetic Testing Companies Join Forces to Launch the Coalition...
01/03/201709:00:00Illumina Taps Garret Hampton, One of the World’s Leading Clinical G...
12/28/201622:00:00INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have...
12/27/201615:03:00ILMN LOSS NOTICE: Rosen Law Firm Reminds Illumina, Inc. Investors...
12/27/201606:30:00Illumina to Webcast Live Presentation at the J.P. Morgan Annual...
12/23/201615:22:00SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors...
12/20/201614:11:00SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On...
12/20/201614:02:00The Law Offices of Howard G. Smith Announces the Filing of a...
12/20/201609:00:00Illumina Names Jonathan Seaton as Senior Vice President for Corporate...
12/19/201621:23:00IMPORTANT INVESTOR ALERT: Khang & Khang LLP Announces Securities...
12/19/201616:30:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...

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