Roche’s Extension of Tender Offer and its Response by Illumina
Roche, Swiss Pharmaceutical Company, has announced the extension of tender offer to acquire all of the outstanding shares of Illumina Inc., a company working for life sciences tools and systems, at $44.50 per share, to 6:00 p.m., New York.
Roche started the tender offer on January 27, 2012. The offer was $44.50 per share in cash or an aggregate of about $5.7 billion on a fully diluted basis.
The company has reported that at the end of February 24, 2012, almost 102,165 shares had been tendered including 44,152 shares to be delivered within the next three working days of NASDAQ.
Illumina responded to the extension of the Roche’s tender offer as,
City time, on March 23, 2012, while all the terms and conditions are same. Previously, the offer was ending at 12:00 midnight, New York City time, at the end of the day on February 24, 2012.
The extension by Roche was expected. An extremely low number of shares have been tendered, consistent with our view – and that of our stockholders – that Roche’s offer does not reflect Illumina’s unique leadership position, business performance and future prospects.Roche invested about 8 billion Swiss francs in R&D in 2011 and over 80,000 people were working for Roche in the world in 2011. Company shows interest in Illumina to expand the business of diagnostics.
We remain focused on continuing to develop breakthrough products that expand existing markets and create new ones. The potential of our industry is enormous, with major new markets emerging in medical diagnostics, reproductive health and cancer management.