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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
08/24/201619:53:20Statement of Changes in Beneficial Ownership (4)
08/16/201618:57:42Statement of Changes in Beneficial Ownership (4)
08/15/201618:04:13Statement of Changes in Beneficial Ownership (4)
08/10/201606:30:00Illumina and FlowJo, LLC Partner to Develop and Co-Market a Software...
08/08/201618:37:45Statement of Changes in Beneficial Ownership (4)
08/08/201607:30:00Personal Genome Diagnostics To Collaborate With Illumina On Development...
08/02/201619:28:12Statement of Changes in Beneficial Ownership (4)
08/02/201606:03:55Quarterly Report (10-q)
07/29/201619:11:42Statement of Changes in Beneficial Ownership (4)
07/28/201619:44:54Statement of Changes in Beneficial Ownership (4)
07/28/201619:40:48Statement of Changes in Beneficial Ownership (4)
07/28/201616:14:19Current Report Filing (8-k)
07/28/201606:30:00Illumina Names Philip W. Schiller to its Board of Directors
07/27/201608:29:52Current Report Filing (8-k)
07/26/201616:11:42Current Report Filing (8-k)
07/26/201616:05:00Illumina Reports Financial Results for Second Quarter of Fiscal...
07/15/201618:54:22Statement of Changes in Beneficial Ownership (4)
07/12/201619:48:34Statement of Changes in Beneficial Ownership (4)
07/12/201606:30:00Illumina to Announce Second Quarter 2016 Financial Results on...
07/07/201616:52:31Statement of Changes in Beneficial Ownership (4)

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