Drugmaker Roche to end acquisition bid for Illumina on shareholder fears


AP

NEW YORK — Swiss drugmaker Roche Holding AG will end its offer to acquire U.S. diagnostics firm Illumina Inc. for about US$6.5 billion after forecasting that Illumina shareholders will reject its dissident slate of directors.

Roche had announced in January an offer to buy the San Diego company’s shares for US$44.50 each. It then raised that to US$51 last month, after Illumina’s board rejected the bid. But Roche said Wednesday it decided not to extend the latest offer past an April 20 expiration.