Illumina Rejects Roche’s Offer

Illumina’s board has rejected Roche’s $5.7 billion takeover bid. Claiming that the offer undervalues the company’s gene-sequencing business and growth prospects, the board recommends that shareholders not offer their shares to Roche. As the growth of the genetic analysis industry accelerates, “Illumina is singularly positioned to expand its market leadership and to deliver value to our stockholders that is far superior to Roche’s offer,” Illumina CEO Jay T. Flatley says. Roche says it is disappointed in the recommendation and Illumina’s refusal to negotiate a merger. Roche is advancing plans to name its own candidates for election to Illumina’s board.