ZURICH (Reuters) – Roche Holding improved its offer by Illumina for $ 6.7 billion after talking with the shareholders of the firm of gene sequences, in an attempt to get the backing of a reluctant directory to negotiate its sale.
The Swiss drugs manufacturer said Thursday that is now offering 51 dollars per share, a rise of 15 percent regard its initial supply of 44,50 dollars. Roche needs to reap the backing of investors before the general Assembly of Illumina next month.
“This is a fair offer and I believe that it is beginning to offer to the shareholders of Illumina portion of the value of the Corporation,” said analyst Vontobel, Andrew Weiss.
“is also an indication that some people is supporting Roche.” “That may be enough to carry the Illumina management to the table and discuss the offer”, he added.
The original offer from Roche – made in January – was discarded by Illumina for being too low and the firm adopted the strategy called the poison pill, a movement with its current shareholders to rein in a hostile buyer.
Franz Humer, Chairman of Roche, said in a letter to the Chief Executive Jay Flatley Illumina that the company had decided to increase the offer following “productive discussions” with shareholders and after observing the reactions of the market after the original offer.
“If they continue to refuse to negotiate with us, we will not have another option to continue in our effort to make a unilateral transaction”, stated.
(Report of Martin de Sa ' Pinto;) (Edited in Spanish by Cesar Illiano)
