After a few weeks of anxious waiting, new updates have surfaced regarding the much-discussed hostile takeover bid of next generation sequencing giant, Illumina.
According to reports, Illumina’s board of directors rejected Roche’s bid to acquire the company, calling the move “blatantly opportunistic” and an unfair. Illumina’s board elaborated on this comment by saying that Roche’s offer effectively represented a devaluation of both the company and its future potential. In turn, Roche responded to the rejection with disappointment, citing their offer as fair and reasonable.
For now, Roche still plans to press ahead in its attempts to acquire Illumina; however, the next move for both parties following this communication breakdown is unknown. Tentatively, some analysts are speculating that Roche may potentially come back with a higher offer in the hopes of swaying Illumina to their side.