Illumina Rejects Roche's Unsolicited Tender Offer
Illumina's Board of Directors determined that the $44.50 per share cash offer is grossly inadequate in multiple respects, dramatically undervalues Illumina and is contrary to the best interests of Illumina's stockholders.
Illumina, Inc. announced Tuesday that its Board of Directors thoroughly reviewed Roche's unsolicited tender offer with the assistance of its financial and legal advisors and unanimously determined that the $44.50 per share cash offer is grossly inadequate in multiple respects, dramatically undervalues Illumina and is contrary to the best interests of Illumina's stockholders.
Accordingly, the Board recommends that stockholders not tender any of their shares to Roche. The Company filed yesterday a Schedule 14D-9 with the Securities and Exchange Commission (“SEC”) detailing the reasons for its rejection.
The specific reasons Illumina's Board recommends stockholders reject Roche's offer, which are detailed in its 14D-9 filing, include:
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