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Complete Genomics snubs Illumina bid

November 29, 2012 1:57 AM UTC

Complete Genomics Inc. (NASDAQ:GNOM) disclosed in an SEC filing that its board unanimously deemed as "inadequate" an unsolicited bid from fellow sequencing company Illumina Inc. (NASDAQ:ILMN) to acquire Complete Genomics for $3.30 per share in cash, or about $136.4 million. The board said Illumina's offer is not superior to that of BGI (Shenzhen, China), which is acquiring Complete Genomics for $3.15 per share, or about $130.2 million. Complete Genomics said that Illumina's offer would probably not receive antitrust clearance. ...