Illumina (ILMN) Shares Slammed as Roche (RHHBY) to Drop $51/Share Bid

April 18, 2012 9:30 AM EDT
Illumina (Nasdaq: ILMN) shares are sinking Wednesday morning following an earlier announcement Roche (OTCBB: RHHBY) will not extend its $51 per share tender offer for the company past the April 20th deadline.

Roche initiated a bid for the company on January 24th at $44.50 per share.

Roche CEO Severin Schwan said, "We continue to hold Illumina and its management in very high regard but, with access only to public information about Illumina’s business and prospects, we do not believe that a price above Roche’s offer for Illumina of $51.00 per share would be in the interest of Roche’s shareholders...Roche will continue to consider options and opportunities to develop further its portfolio of businesses in order to expand its diagnostics leadership position."

Illumina shares are down 8 percent to $40.45 in early trading.

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