Reuters: Mergers News: Illumina board rejects sweetened Roche offer

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Illumina board rejects sweetened Roche offer Apr 2nd 2012, 18:11 April 2 | Mon Apr 2, 2012 2:11pm EDT April 2 (Reuters) - Illumina Inc said on Monday that its board unanimously rejected Roche Holding's increased offer to buy the genetic sequencing company for $51 per share, or about $6.7 billion, saying it dramatically undervalued the company. Illumina management told its shareholders that accepting the revised offer was not in their best interests urged them not to tender any shares. The Swiss drugmaker last week raised its offer to buy Illumina from an initial overture of $44.50 per share in an effort to curry support from shareholders of the U.S. company ahead of Illumina's annual meeting later this month.

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