ILLUMINA has rejected as inadequate a $5.7bn (£3.6bn) hostile takeover bid from Roche, saying it undervalued the gene sequencing company.
Illumina, which said Roche’s hostile bid failed to properly value its existing and coming products, recommended that stockholders not tender any of their shares to Roche.
Last month, Roche launched a $44.50 a share hostile takeover bid for Illumina. A deal would give Roche a leading position in the market for gene sequencing.
Roche, which initially offered $40 a share, was not available to comment but has previously said its $44.50 a share offer is full and fair.
Separately, Illumina posted better-than-expected fourth quarter earnings of $43.5m, or $0.35 per share.
