Third Proxy Advisory Firm Sides With Illumina, Inc. (ILMN)
4/11/2012 7:11:16 AM
Illumina Inc., which makes instruments for genetic analysis, said Tuesday that a third shareholder advisory firm has recommended shareholders vote against Roche Holding AG's offer to buy the company. Glass, Lewis & Co. said Roche is simply pushing to complete a transaction on its terms regardless whether they reflect Illumina's value or the board's ability to carry out a stand-alone business plan. The other two big independent proxy advisory firms, Institutional Shareholder Services Inc. and Egan-Jones Ratings Co., also sided with Illumina's board last week.