Illumina, Roche deal

Illumina said its board unanimously rejected an unsolicited tender offer from Roche to acquire the sequencing and microarray company for $44.50 per share, or about $5.7 billion in cash. The board called the offer "grossly inadequate" and recommended shareholders not tender their shares. Roche, which began the tender offer late last month, said it was "disappointed" by the decision and the refusal of Illumina's board to "engage in substantive discussions." The pharma said it continues to believe its offer is "full and fair" (see BioCentury, Jan. 30). ...