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Illumina rejects new Roche bid
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.