Illumina Inc. sent a third letter to its stockholders highlighting Illumina’s tremendous growth prospects in the next generation sequencing market. The letter urges stockholders to reject Roche’s efforts to acquire Illumina at a grossly inadequate price, and reiterates the Board’s recommendation to vote for the election of Illumina’s highly qualified director nominees at its 2012 Annual Meeting of Stockholders and against Roche’s other proposals.
The letter can be accessed at Illumina's website.
Meanwhile, Roche released the following statement in response to the announcement by Illumina that its Board of Directors has recommended that shareholders not tender their shares to Roche’s increased offer:
“We are disappointed that Illumina’s Board of Directors has rejected Roche’s increased $51.00 cash offer and continues to rebuff our attempts to engage in substantive discussions,” said Severin Schwan, CEO of Roche Group. Schwan continued, “Roche’s increased offer is highly attractive. By not engaging with Roche, Illumina reinforces the notion that its Board and management are determined to preserve their positions rather than maximize shareholder value. We expect that Illumina shareholders will see the substantial value in our increased offer, conclude that there is absolutely no justification for Illumina’s current directors’ refusal to begin discussions with Roche, and vote their shares for the Roche director nominees.