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Firms Make Recommendations Against Roche, According to Illumina

According to the diagnostics company Illumina Inc., two advisory firms have recommended that their shareholders take action to reject an offer to buy out the company which was proposed by the Swiss drug manufacturer, Roche. The offering price for the buy-out totaled $6.5 billion, rounding out to approximately $51 per share. However, Illumina staunchly rejected the offer, stating that Institutional Shareholder Services Inc. should do nothing but vote against the proposed offer which is believed to be far too low an asking price.

On Friday, April 6, 2012 further statements were released indicating that Ilumina's recommendation to reject the offer has been backed by other businesses as well, including the Egan-Jones Ratings company which recommended that shareholders turn down the proposal made by Roche Holding AG. Publicly, Roche offered to buy Illumina for a total of $5.7 billion dollars earlier this year in January. The company again made the offer – this time at a higher price – in March. In light of recent events, Roche Holding AG has openly expressed its disappointment in the turn down it received from Ilumina and has expressed its willingness to again raise their payments if Ilumina is willing to negotiate.

Business matters such as the one described above are of high importance and should not be handled without the professional assistance of a Houston business lawyer from Patricia M. Davis, Attorney at Law. When you contact my firm you will be provided with experienced legal representation that has effectively handled similar matters as yours in the past. I am familiar with a number of different areas within the field of business law and I am ready to put my skills and knowledge to work for you. If you're interested in obtaining legal support for a business transaction of any kind, then you are encouraged to contact a Houston business attorney from my firm as soon as possible.