Roche Offers $5.7 Billion for Illumina |
| Bloomberg - Jan 25, 2012 |
Roche Holding AG (ROG) offered $5.7 billion in a hostile bid for Illumina Inc. (ILMN) to bolster sales of gene-mapping equipment and services. The target’s shares climbed above the bid price as investors speculated Roche will have to raise it.
Roche today proposed paying $44.50 a share for Illumina, 18 percent more than yesterday’s closing price. It will put the offer directly to shareholders after the San Diego-based company was “unwilling to participate in substantive discussions,” Roche, the world’s biggest maker of cancer drugs, said in a statement.
Roche would gain technology for reading the genetic makeup of tumors, potentially allowing the company to offer treatment specific to individual patients. Basel, Switzerland-based Roche prevailed in two previous unsolicited offers since 2007 after raising the initial bid. Roche will probably need to increase this offer as well, said Birgit Kulhoff, a Zurich-based money manager at Rahn & Bodmer Co. who owns Illumina shares.
Read Full Article from Bloomberg
- Posted: 2012-01-25 11:10:55
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