The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Illumina, Inc. Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Illumina Concerning the Receipt of an Acquisition Proposal from Roche Holding

Wednesday, January 25, 2012

Illumina, Inc. Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Illumina Concerning the Receipt of an Acquisition Proposal from Roche Holding10:51 EST Wednesday, January 25, 2012DALLAS, Jan. 25, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating potential claims against the Board of Directors of Illumina, Inc. ("Illumina" or "ILMN") (NASDAQ: ILMN) concerning the board's receipt of an unsolicited acquisition proposal from Swiss pharmaceutical maker Roche Holding.  Under the acquisition proposal, Roche intends to commence a tender offer to acquire all of the outstanding shares of Illumina common stock for $44.50 per share.   The deal is valued at approximately $5.7 billion, on a fully diluted basis.(Logo:  http://photos.prnewswire.com/prnh/20111111/DA05320LOGO)If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to the determination of the fairness of the proposed transaction, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com.  There is no cost or fee to you.The investigation centers on whether Illumina's Board of Directors is acting in the shareholders' best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction. According to shareholder rights attorney Willie Briscoe, "Although the acquisition proposal represents an approximate 18% premium over Illumina's closing price the day prior to the bid announcement, Illumina shares have fallen in value approximately 46% percent over the last 12 months.  Furthermore, considering the fact that this hostile bid comes at a time when Illumina's shares have reached some of their lowest prices in the past two years, through our investigation and possible lawsuit we want to ensure that Illumina's Board of Directors is acting in the best interests of the shareholders and taking all available steps to ensure the highest share price for Illumina shareholders." The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.SOURCE Powers Taylor, LLP