Roche announced a $5.7 billion hostile takeover bid for Illumina. Under the terms of the proposed deal, Roche would acquire all outstanding Illumina shares for $44.50 each. Roche also announced its picks for Illumina's board of directors, should the deal go through. In response, Illumina's board of directors adopted a poison pill provision.
In a separate announcement, Illumina's board unanimously rejected Roche's offer, calling
it "grossly inadequate."