Roche: FTC Requests More Information On Illumina Offer
March 13 2012 - 6:41PM
Dow Jones News
U.S. regulators have asked Roche Holding AG (ROG.VX, RHHBY) for
additional information about its proposed takeover of Illumina Inc.
(ILMN), the drug maker said Tuesday.
The Federal Trade Commission's request reflects antitrust
concerns about Roche's microarray business and would delay any
acquisition another 10 days after Roche complies with the second
request under U.S. law.
Roche is still working to complete its hostile takeover of
Illumina, which continues to oppose the Swiss company's offer as
inadequate. Illumina makes machines that use blood or tissue
samples to decode a person's entire genetic makeup in about a
week--a process known as DNA sequencing.
Shares of the takeover target closed at $50.34 Tuesday and were
unchanged after hours. Roche's cash offer values the company at
$44.50 a share.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com
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