) recently expressed its disappointment at the Institutional
Shareholder Services' (
) recommendation that
) shareholders should not elect Roche's independent director
nominees to Illumina's Board of Directors.
However, Roche said that it is pleased that ISS noted that Roche
would make an excellent partner for Illumina, as the sequencing
industry becomes more intertwined with the development of new
We note that last week Roche had issued a second letter to
Illumina's shareholders, requesting them to tender their shares to
Roche for a payment of $51.00 a share. Roche's second letter came
after Illumina rejected Roche's offer to acquire all its
Since January, Roche has been trying to acquire Illumina, when
it had first announced its bid to acquire all shares of Illumina at
an offer price of $44.50 per share (aggregate value $5.7 billion)
in cash. Then, on February 27, Roche extended the time-period for
its bid to March 23 from February 24, 2012. In March, Roche further
extended the time period for acquiring all outstanding shares of
Illumina to April 20, 2012, from the previously announced date
(March 23, 2012).
Additionally, in the last week of March, Roche increased its
offer price for Illumina shares to $51.00 (aggregate value $6.7
billion) from $44.50 a share, while the other terms and conditions
of the deal remained unchanged.
Roche believes that this acquisition will strengthen its
position in the sequencing and microarrays market. Moreover, it
will help address the growing demand for genetic/genomic
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