Roche (RHHBY) Disappointed in Illumina (ILMN) Adopting Poison Pill
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Roche (OTCBB: RHHBY) today responded to an announcement from Illumina, Inc. (NASDAQ: ILMN) that its Board of Directors has adopted a shareholder rights plan.
Although not unexpected, Roche is disappointed that the Illumina Board of Directors has been unwilling to participate in substantive discussions with Roche regarding a negotiated transaction and has instead adopted this shareholder rights plan in response to the offer to acquire Illumina. Roche’s all-cash offer represents a substantial premium and Roche is confident that Illumina shareholders will see the value of the offer.
Although not unexpected, Roche is disappointed that the Illumina Board of Directors has been unwilling to participate in substantive discussions with Roche regarding a negotiated transaction and has instead adopted this shareholder rights plan in response to the offer to acquire Illumina. Roche’s all-cash offer represents a substantial premium and Roche is confident that Illumina shareholders will see the value of the offer.
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