Roche launches takeover bid for US firm Illumina

Swiss pharmaceuticals giant Roche announced Wednesday it had launched a takeover bid for Illumina, a US company that specialises in life sciences. Roche said it had made "multiple efforts" to start talks with Illumina to negotiate a deal but the US firm had not been willing to enter "substantive discussions" "Roche has therefore decided to promptly commence a tender offer to purchase all of the outstanding shares of common stock of Illumina for $44.50 (34.2 euros) per share in cash," said a company statement. This offer was "full and fair value" for the company, Roche chief executive Severin Schwan said in a statement. He added: "It is our strong preference to enter into a negotiated transaction with Illumina, and we remain willing to engage in a constructive dialogue with Illumina to jointly develop an optimal strategy for maximizing the value of our combined business." The statement said the offer represented a 64 percent premium over Illumina?s stock price on December 21, 2011 and put the value of the San Diego-based company at $5.7 billion. A brief statement from Illumina acknowledged that Roche had made an "unsolicited offer" for the company. It said the board of directors would "thoroughly review" the proposal and make a recommendation "in due course" adding that it had asked share holders to take no action in the meantime.