Roche, a Switzerland based company specialized in pharmaceuticals and diagnostics, has announced that the tender offer for Illumina has been extended at $44.50 per share, to 6:00 p.m., New York City time, on March 23, 2012, while all the terms and conditions remain unchanged. Previously, the offer was planned to expire at 12:00 midnight, New York City time, at the end of the day on February 24, 2012.
[hana-code-insert name=’StumbleUpon’ /][hana-code-insert name=’Reddit’ /] Roche started a tender offer to acquire all outstanding shares of Illumina on January 27, 2012. The offer was $44.50 per share in cash or an aggregate of approximately $5.7 billion on a fully diluted basis.
The company has reported that the shareholders had tendered almost 102,165 of Illumina’s 122.3 million shares outstanding, in which 44,152 shares are to be delivered in the next three NASDAQ trading days.
In 2011, Roche had over 80,000 employees globally and invested approximately 8 billion Swiss francs in R&D. The company is interested in Illumina, so that the company would expand its business of diagnostic products.
Illumina has responded to this extension as,
The extension by Roche was expected. 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.
We remain focused on continuing to develop breakthrough products that expand existing markets and create new ones. The potential of our industry is enormous, with major new markets emerging in medical diagnostics, reproductive health and cancer management.