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 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.
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