Illumina rejects new Roche bid

City A.M. Reporter
ILLUMINA said yesterday its board has unanimously rejected Roche’s increased offer to buy the genetic sequencing company for $51 per share, or $6.7bn (£4.2bn), saying it dramatically undervalued the company.

Swiss drugmaker Roche last week raised its offer to buy Illumina from an initial overture of $44.50 per share in an effort to curry support from investors ahead of Illumina’s annual meeting this month.

Illumina’s shares were trading above the bid price at $51.37 last night.