Health & Fitness
Tue, January 31, 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. (aIlluminaa or the aCompanya) (NASDAQ: ILMN) and other violations of law by the board of directors of Illumina (aBoarda) relating to the proposed acquisition of the Company by Roche. The firmas investigation seeks to determine, among other things, whether the Board breached its fiduciary duties by responding unreasonably to Rocheas 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 Illuminaas stock price on December 21, 2011 a" the day before market rumors about a potential transaction between Roche and Illumina drove Illuminaas stock price significantly higher a" a 61% premium over the one-month historical average, and a 43% premium over the three-month historical average of Illuminaas share price, both as of December 21. It also represents a 30.1x multiple of Illuminaas projected forward earnings based upon analystsa current consensus estimates for 2012.
According to the press release, Roche has made multiple efforts to engage with Illuminaas 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.
