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Roche Decides Against Extending Illumina M&A Bid on Data Lack

Posted on 19 April 2012

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Illumina gained 1.2 percent after earlier falling as much as 8.3 percent when Roche Holding said it wouldn’t extend its $51-a-share M&A offer for the U.S. maker of DNA-mapping tools.

Illumina’s shares rose 51 cents to $44.46 at the close in New York, after sinking as low as $40.35. Roche gained 1 percent to 162.90 Swiss francs in Zurich trading.

Allowing the M&A bid to expire at 6 p.m. New York time on April 20 would end the Swiss drugmaker’s three-month quest to buy Illumina, a bid now valued at about $6.7 billion.

Illumina shares sank below the offer price for the first time last week and continued the decline as investors grew concerned Roche would abandon the deal if Illumina didn’t agree to start discussions. Roche on March 29 raised the bid to $51 a share from $44.50 a share.

Read the full story at Bloomberg (link no longer available)

 

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