Roche has decided not to extend its tender offer for Illumina, based on preliminary estimates indicating the re-election of the incumbent directors of Illumina. Roche’s cash tender offer is due to expire on April 20, 2012 at 6 p.m. EST.
“We continue to hold Illumina and its management in very high regard but, with access only to public information about Illumina’s business and prospects, we do not believe that a price above Roche’s offer for Illumina of $51.00 per share would be in the interest of Roche’s shareholders,” said Severin Schwan, CEO of Roche.
Schwan continued, “We have throughout this process desired to engage in a constructive dialogue with Illumina’s management, listen to its views of value and prospects and offer a fair and adequate price to Illumina’s shareholders. But in the absence of such discussions, our duty to be disciplined with the assets of Roche’s shareholders has led to this decision.”