This story was originally published Jan. 27.
Illumina said last week that it would postpone the reporting of its 2011 fourth-quarter and full-year earnings results until the board has finished reviewing Roche's $5.7 billion hostile takeover bid.
Illumina's board of directors, along with its financial and legal advisors, plan to review the offer and advise stockholders of its position within 10 business days, the company said in a statement.
Illumina was scheduled to report its fourth-quarter and full-year results on Jan. 31, but now expects to issue those results "concurrent with the board's completion of its review of Roche's unsolicited tender offer."
In a statement, the company also reaffirmed its unaudited fourth-quarter and full-year financial results that it disclosed at the JP Morgan Healthcare conference earlier this month. It anticipates fourth-quarter revenue of around $250 million, which would be a 4 percent decrease from its 2010 fourth-quarter revenues of $261.3 million. Additionally, Illumina said it expects to meet or exceed equity analyst estimates for 2012.
Late last Tuesday, Roche offered to acquire all outstanding shares of Illumina for $44.50 in cash in a hostile takeover bid in order to boost its clinical sequencing capabilities (see related story, this issue). Illumina responded by adopting a poison pill provision that states that if any person or group, such as Roche, becomes the holder of 15 percent or more of Illumina's stock, then shareholders — excluding those owning 15 percent or more of the stock — would have the right to purchase additional shares at a favorable price.
Analysts speculate that the process could drag out for months, especially if Roche does not significantly increase its bid (see related story, this issue).