NEW YORK (GenomeWeb News) – Roche today announced it has extended its tender offer to acquire all outstanding shares of Illumina.
The offer is now set to expire March 23 at 6 p.m. EST. It had been scheduled to expire at the end of the day Feb. 24.
Roche made its $5.7 billion hostile bid for Illumina last month with an offer of $44.50 per share. As of the end of the day Feb. 24, about 102,165 shares of Illumina had been tendered and not withdrawn pursuant to the offer, including 44,152 shares guaranteed to be delivered within the next three Nasdaq trading days, Roche said.
Last week, Roche said it would be extending its antitrust waiting period in connection to its Illumina bid.
The extension of the tender offer was expected and the whole process will likely take several months to play out. Illumina rejected the $5.7 billion offer earlier this month.
In a statement today, Illumina called the number of its shares tendered to Roche "extremely low … consistent with our view and that of our stockholders that Roche's offer does not reflect Illumina's unique leadership position business performance, and future prospects."
It added that the company "remains focused on continuing to develop breakthrough products that expand existing markets and create new ones. The potential of our industry is enormous, with major new markets emerging in medical diagnostics, reproductive health, and cancer management."
In late-morning trading on the Nasdaq, shares of Illumina were down a fraction of 1 percent at $51.01.