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Complete Genomics SEC Filing Points to Interest from Another Potential Bidder

NEW YORK (GenomeWeb News) – A filing by Complete Genomics with the US Securities and Exchange Commission Wednesday suggests that another firm may be interested in entering the bidding to acquire the firm.

Though Complete Genomics already signed a deal in September to be acquired by BGI-Shenzhen for $3.15 per share, it also has drawn a competing $3.30 per-share bid from Illumina. The Mountain View, Calif.-based whole human genome sequencing services provider has turned down Illumina's offer twice, saying that it doesn't believe the offer is superior to that of BGI and isn't likely to receive US antitrust clearance.

In the most recent regulatory filing, however, Complete Genomics noted a Tuesday ruling from the Court of Chancery that "preliminarily enjoined, until a trial on the merits, a provision in the confidentiality agreement with Party J the terms of which prohibit Party J from privately approaching the company board to request permission to, among other matters, make a proposal to acquire the company."

Complete Genomics said that it interprets that court ruling to mean that "Party J" is only prohibited from publicly requesting permission to make a proposal to acquire the firm.

Prior to acknowledging that it had made an acquisition bid, Illumina has been identified in previous Complete Genomics SEC filings as "Party H."

The Scan

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