Roche Drops Illumina Bid
Roche has confirmed that it will not be extending its offer to acquire Illumina.
Swiss drugmaker Roche has decided to let its offer to acquire Illumina expire today (April 20th), after shareholders of the US gene-sequencing company blocked its efforts to appoint new directors.
The move came as Illumina announced preliminary voting results indicating that stockholders had re-elected all four of its nominees to the board of directors and blocked Roche's nominees.
Roche confirmed that its offer of $51 per share - increased from its original offer of $44.50 per share earlier this year - would expire at 18:00 (EDT) today.
The company's chief executive officer, Severin Schwan, said: "We continue to hold Illumina and its management in very high regard but, with access only to publ
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