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Roche extends tender offer for Illumina

Sun, 02/26/2012 - 8:25pm
Roche

Basel, 27 February 2012

Roche extends tender offer for Illumina

Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today that it has extended its cash tender offer to acquire all outstanding shares of Illumina, Inc. (NASDAQ: ILMN), at a price of $44.50 per share, to 6:00 p.m., New York City time, on March 23, 2012. The tender offer was previously scheduled to expire at 12:00 midnight, New York City time, at the end of the day on February 24, 2012.

All other terms and conditions of the offer remain unchanged. As of 12:00 midnight, New York City time, at the end of the day on February 24, 2012, approximately 102,165 shares, including 44,152 shares guaranteed to be delivered within the next three NASDAQ trading days, had been tendered and not withdrawn pursuant to the offer.

Copies of the Offer to Purchase, Letter of Transmittal and other related materials are available on the SEC website at http://www.sec.gov or may be obtained from MacKenzie Partners, Inc., the information agent for the offer, at (212) 929-5500 or (800) 322-2885 (Toll-Free).

Greenhill & Co., LLC and Citigroup Global Markets, Inc. are acting as financial advisors to Roche and Davis Polk & Wardwell LLP is acting as legal counsel.

About the Offer

On January 27, 2012, Roche commenced a tender offer to acquire all outstanding shares of Illumina for $44.50 per share in cash or an aggregate of approximately $5.7 billion on a fully diluted basis. This offer represents a substantial premium to Illumina’s unaffected market prices: a premium of 64% over Illumina’s closing stock price on December 21, 2011 – the day before market rumors about a potential transaction between Roche and Illumina drove Illumina’s stock price significantly higher – and a 61% premium over the one-month historical average and a 43% premium over the three-month historical average of Illumina’s share price, both as of December 21, 2011.

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