Two Proxy Advisory Firms Recommend Rejecting Roche (RHHBY)'s Bid for Illumina, Inc. (ILMN)
4/9/2012 7:17:45 AM
Illumina Inc., which makes instruments for genetic analysis, said Friday that two shareholder advisory firms are recommending that Illumina shareholders reject Roche Holding AG's offer to buy the company. Institutional Shareholder Services Inc. said the Swiss drugmaker's offer of $51 per share, or about $6.5 billion, is inadequate, and it is advising Illumina shareholders to vote reject the bid. Illumina said Egan-Jones Ratings Co. also recommends that shareholders reject Roche Holding AG's proposals and support the board candidates Illumina has nominated instead of Roche's choices.