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Apr 19, 2012, 12.37 PM IST
Swiss drugmaker Roche said on Wednesday it would not extend a USD 6.8 billion hostile offer for genetic specialist Illumina as the US group's shareholders blocked its move to appoint new directors.
Roche, which is now set to walk away from its takeover target, said an offer above USD 51.00 per share would not be in the interests of its own shareholders. The tender offer for Illumina expires on Friday and Roche said it would not extend the bid as the US firm's management had refused to engage in constructive dialogue. The decision is a victory for Illumina in its battle to stay independent, although some investors think Roche may wait in the wings for a fresh opportunity to pounce if the US company's shares underperform. The gene sequencing specialist, which branded itself "the Apple |
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