The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Johnson & Weaver, LLP Announces Investigation in Connection with the Possible Acquisition of Illumina, Inc. by Roche

Friday, January 27, 2012

Johnson & Weaver, LLP Announces Investigation in Connection with the Possible Acquisition of Illumina, Inc. by Roche10:15 EST Friday, January 27, 2012 SAN DIEGO (Business Wire) -- Johnson & Weaver, LLP is investigating possible breaches of fiduciary duty to shareholders of Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ: ILMN) and other potential violations of law by the board of directors of Illumina (the “Board”) relating to the proposed acquisition of the Company by Roche. The firm is investigating, among other things, whether the Board breached its fiduciary duties by disregarding and 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, totaling approximately $5.7 billion. According to Roche's 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 substantially 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 its press release, Roche has made multiple efforts to convene with Illumina's Board in order to reach a negotiated transaction. The Board has been unwilling, however, to participate in substantive discussions. As a result, Roche commenced 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 Johnson & Weaver you may email or call Frank Johnson or Brett Weaver who will, without obligation or cost to you, address your questions. You may visit the firm's website at www.johnsonandweaver.com or contact the firm at contactus@johnsonandweaver.com or by calling (619)-230-0063. The attorneys at Johnson & Weaver, LLP are experienced and have been extremely effective in litigating securities and class action cases. Johnson & Weaver, LLPFrank J. Johnson, 619-230-0063frankj@johnsonandweaver.com