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Illumina urges shareholders to reject sweetened buyout offer from Swiss drugmaker Roche
SAN DIEGO (AP) ' Illumina is urging its shareholders to reject a sweetened buyout offer from the Swiss drugmaker Roche, saying that the $6.5 billion deal still undervalues the California maker of genetic analysis instruments.
Roche Holding AG had raised its bid last week after Illumina Inc.'s board had advised shareholders to rejected Roche's January buyout offer of $5.7 billion. Roche says the deal makes sense in part because its technology complements Illumina's.
Illumina CEO Jay Flatley says the offer is still not good enough. He calls the deal "opportunistic" and says his San Diego-based company is poised to deliver better returns through higher sales and profits.
Illumina shares are down 70 cents, or 1.3 percent, at $51.91 after word of the latest rejection.