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.
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