The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Law Firm Brower Piven Announces Investigation in Connection With the Possible Acquisition of Illumina, Inc. by Roche

Wednesday, January 25, 2012

Law Firm Brower Piven Announces Investigation in Connection With the Possible Acquisition of Illumina, Inc. by Roche11:38 EST Wednesday, January 25, 2012 STEVENSON, Md. (Business Wire) -- The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ: ILMN) and other violations of law by the board of directors of Illumina (“Board”) relating to the proposed acquisition of the Company by Roche. The firm's investigation seeks to determine, among other things, whether the Board breached its fiduciary duties by responding unreasonably to Roche's offer to acquire Illumina well above its market price. On January 25, 2012, Roche announced that it is proposing to acquire all outstanding shares of Illumina for $44.50 per share in cash, or an aggregate of approximately $5.7 billion. According to the press release, this offer represents a 64% premium over Illumina's 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 – 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. It also represents a 30.1x multiple of Illumina's projected forward earnings based upon analysts' current consensus estimates for 2012. According to the press release, Roche has made multiple efforts to engage with Illumina's Board in order to reach a negotiated transaction, but the Board has been unwilling to participate in substantive discussions. As a result Roche decided to commence a tender offer to purchase all of the outstanding shares of common stock of Illumina. If you currently own shares of Illumina and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling 410-415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. Brower Piven, A Professional CorporationStevenson, MarylandCharles J. Piven, 410-415-6616hoffman@browerpiven.com