Swiss pharmaceutical giant Roche Holding AG recently extended its $5.7 billion cash tender offer to acquire Illumina Inc., the San Diego-based maker of genetic analysis tools, to 6 p.m. Eastern time on Friday, March 23.
The $44.50-per-share offer was previously set to expire at the end of the day Friday, Feb. 24.
Roche did not increase its offer price; besides the new deadline, “all other terms and conditions of the offer remain unchanged,” the company said in a statement.
The extension was expected, according to Illumina.
“An extremely low number of shares have been tendered, consistent with our view — and that of our stockholders — that Roche’s offer does not reflect Illumina’s unique leadership position, business performance and future prospects,” Illumina said in a Feb. 27 statement.
Approximately 102,165 shares had been tendered as of Feb. 24, Roche said.
In midday trading March 1, Illumina shares stood at $51.08. The company’s Nasdaq symbol is ILMN.
Roche on Jan. 27 began its hostile takeover bid for Illumina. The deal would help give Roche a leadership position in personalized medicine and companion diagnostics.
Illumina’s board of directors unanimously rejected the bid Feb. 8.
— Kelly Quigley
