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Tuesday, May 30, 2023

Roche Extends Deadline for Illumina Offer

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.

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“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


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