Roche Walks Away From Illumina
April 19, 2012 by Douglas A. McIntyre
Illumina (NASDAQ: ILMN) shareholders may be in for a rude surprise. Suitor Roche could be close to walking away from a $6.8 billion offer which values the gene research company’s shares at $51. The Illumina board has pressed for a much, much higher price backed by the argument that the firm’s technology could be among the most important for medical research over the coming decades.
Roche’s tender offer expires on Friday. Illumina’s share price jumped from $32 to $55 in early January after the first Roche offer was made. Investors have become increasingly pessimistic in the last week as shares have fallen to $45.
Illimina’s management will quickly have to prove that the firm is worth $51 all on its own based on earnings and a perception of future prospects
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