Roche opts against extending Illumina tender offer

Roche has chosen not to extend its tender offer for diagnostics specialist Illumina.

The pharmaceutical company has taken this decision in view of the apparent re-election of the incumbent directors of Illumina and the targeted business's unwillingness to engage in a dialogue over the proposed takeover.

Roche launched its bid for Illumina in January 2012 and increased its offer to $51 (31.80 pounds) per share in March, for an aggregate of approximately $6.8 billion on a fully diluted basis.

However, as it has access only to public information about Illumina's business and prospects, the company has now decided that a price above this level would not serve the best interests of Roche's shareholders.

"Roche will continue to consider options and opportunities to develop further its portfolio of businesses in order to expand its diagnostics leadership position," said chief executive officer Severin Schwan.

Earlier this month, the firm reported its financial results for the first quarter of 2012, during which sales increased by two percent year over year on a constant exchange rate basis.