This article has been updated from a previous version to clarify that Roche is seeking to extend the antitrust waiting period for its bid, not the timeline for the tender offer.
NEW YORK (GenomeWeb News) – Roche is seeking to extend the antitrust waiting period required for its $5.7 billion hostile bid for Illumina, it said in a document filed with the US Securities and Exchange Commission.
In the filing, Roche said it will file necessary paperwork on Feb. 27 to extend the required waiting period under the Hart-Scott-Rodino at to expire at the end of the day March 13. The US Antitrust Division or Federal Trade Commission may further extend the waiting period, Roche noted in the filing.
Roche is offering $44.50 per share of Illumina's stock. Illumina has rejected the bid and implemented a poison pill plan. Roche named its nominees for Illumina's board a few weeks ago as part of its hostile bid.
Shareholders have filed a lawsuit against Illumina alleging conflict of interest and breach of fiduciary responsibilities.