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Illumina Postpones Q4, FY 2011 Earnings Release to Mull Over Roche's Hostile Bid

NEW YORK (GenomeWeb News) – Illumina today postponed the release of its fourth-quarter and full-year 2011 financial results as its board reviews Roche's $5.7 million hostile bid for the San Diego-based next-generation sequencing and microarray firm.

Illumina also reaffirmed preliminary results announced earlier this month at the JP Morgan Healthcare Conference.

The company said that it will reschedule its earnings results release, which had been set for Jan. 31, "concurrent with the board's completion of its review of Roche's unsolicited tender offer and the issue of its recommendation."

Roche launched its hostile bid late Tuesday with an offer to buy all outstanding shares of Illumina for $44.50 per share. Yesterday, Illumina adopted a poison pill plan in an effort to thwart Roche's maneuver, and last night Roche responded by saying it was "disappointed" with Illumina's actions.

Illumina said today that its board will advise shareholders of its formal position on Roche's tender offer within 10 business days and reiterated that shareholders should take no action until the board has finished its review.

In the meantime, the company reaffirmed preliminary fourth-quarter estimates of about $250 million in revenues and pro forma earnings per share of $.34. It also reiterated that it expects to meet or exceed analysts' expectations for 2012. It will resume providing guidance on the fourth-quarter earnings call.

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