Illumina, Inc, a leading developer, manufacturer and marketer of life science tools and integrated systems for the analysis of genetic variation and function, yesterday announced that its board of directors has, after careful review and consideration together with its financial and legal advisors, unanimously rejected Roche's revised offer to acquire Illumina for$51.00 per share in cash. (See: Illumina rejects Roche's $6.7-bn bid)
Accordingly, Illumina has urged its stockholders not to tender any shares and, in connection with the annual meeting to be held on 18 April, to vote the White Card in support of Illumina's directors and against Roche's additional proposals.
The full text of a letter sent yesterday to Roche from Illumina's President and CEO Jay Flatley is reproduced below:
Mr. Franz B. Humer
Roche Holding Ltd
I am in receipt of your March 29th letter outlining your revised offer to acquire all outstanding shares of Illumina for $51 per share in cash. Our Board of Directors, together with our financial and legal advisors, met on March 31 and again on April 2 to review and consider the revised offer and unanimously determined that it dramatically undervalues Illumina and does not adequately reflect Illumina's singular position in an industry poised for extraordinary growth.
Accordingly, we are advising our stockholders that your revised offer is not in their best interests and not to tender any shares.