Issue Date: February 6, 2012
Roche Tries To Pack Illumina’s Board
Roche has taken further steps to gain control of Illumina after the gene-sequencing firm adopted a shareholder rights plan to thwart Roche’s $5.7 billion takeover bid. On Jan. 27, Roche launched a $44.50-per-share tender offer for Illumina. Last week, it announced plans to nominate directors for election at Illumina’s 2012 annual meeting in an attempt to gain control of the board. Roche still says it prefers to work with Illumina on a merger plan. In response, Illumina CEO Jay T. Flatley has said the board is reviewing Roche’s offer.
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