Roche (RHHBY) Urges Illumina, Inc. (ILMN) Shareholders to Accept Current $5.7 Billion Takeover Offer
3/21/2012 7:46:15 AM
Swiss drugmaker Roche (ROG.VX) wrote to Illumina (ILMN.O) investors directly on Tuesday and urged them to accept its $5.7 billion bid, arguing that the U.S. gene decoder faces pressure on revenue and tough competition on its own. Illumina has adopted a "poison pill" defense strategy for Roche's unsolicited cash bid and has advised shareholders not to tender any of their shares on the grounds the price is too low. "We believe that our offer is full and fair and provides value certainty and liquidity to shareholders amid increasing headwinds for Illumina and the broader sequencing sector," Roche said in a letter to Illumina shareholders ahead of an annual shareholders' meeting on April 18.