Roche extends hostile $5.7 bn bid for Illumina

26th March 2012, Comments 0 comments

Swiss pharmaceutical giant Roche on Monday extended its hostile $5.7 billion (4.2 billion euros) bid for US gene mapper Illumina by four weeks.

"Roche announced today that it has extended its cash tender offer to acquire all outstanding shares of Illumina, Inc., at a price of $44.50 per share, to 6:00 p.m., New York City time, on April 20, 2012," the Basel-based group said.

The group's previous offer ran until March 23, but it has so far only received shares worth about $6.4 million.

Roche claims that its offer is 64 percent higher than Illumina's closing price on December 21, 2011 -- "the day before market rumours" of the bid sent the stock higher.

But Illumina, a provider of integrated systems for DNA sequencing, had opposed the hostile bid, saying it "does not reflect Illumina's unique leadership position, business performance and future prospects."

© 2012 AFP

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