Illumina Continues Playing Hard to Get

Roche’s revised $6 billion offer made last week to acquire Illumina (NASDAQ:ILMN), a gene-sequencing technology company, was unanimously rejected by the Illumina board, the company announced Monday.

The rejected deal is just a part of the ongoing struggle by the Swiss medical giant to take control of Illumina. The company projected earlier today that its first-quarter revenue would be about $270 million, topping current expectations by analysts.

The latest offer “dramatically undervalues Illumina and does not adequately reflect Illumina’s singular position in an industry poised for extraordinary growth,” the company’s chief executive Jay T. Flatley wrote in a letter to Roche’s chairman.

“Our board remains of the opinion that Roche has made an opportunistic offer, fully aware that even the revised offer does not reflect the intrinsic strength or future prospects of Illumina.”

Roche shares were down about 1 percent on the latest rejection news.

To contact the reporter on this story: Patricia Lee at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com