Roche has increased its offer price for all outstanding publicly-held shares of Illumina Inc. to $51.00 per share in cash, up from the previous offer of $44.50 per share. All other terms and conditions of the tender offer remain unchanged.
Severin Schwan, Chief Executive Officer of Roche, said, “Based on our discussions with Illumina shareholders, we have seen interest to accelerate the takeover process. As a result, we are increasing our offer price to $51.00 per share. Roche’s preference continues to be a negotiated transaction. We look forward to the possibility of a swift completion that offers immediate value to Illumina’s shareholders.”
Illumina responded by recommending that its stockholders take no action at this time in response to Roche’s announcement that it is now offering to acquire Illumina for $51.00 per share.
Consistent with its fiduciary duties and responsibilities, and in consultation with its financial and legal advisors, Illumina said its Board of Directors will thoroughly review Roche’s revised proposal and make a recommendation to stockholders regarding the proposal in due course.
Previously, on February 7, 2012, Illumina’s Board of Directors rejected Roche’s $44.50 per share cash tender offer and recommended that stockholders not tender their shares.