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Severin Schwan
Roche won't extend $6.8 billion bid for San Diego's Illumina
Roche won't extend $6.8 billion bid for San Diego's Illumina

Swiss drugmaker Roche will not extend its hostile $6.8-billion bid for Illumina Inc. after the San Diego biotech company’s shareholders rejected Roche’s attempts to appoint new board members. Roche’s current offer of $51 per Illumina share will expire on Friday. Severin Schwan, the company’s chief executive, said in a statement Wednesday that a higher price is not "in the interest of Roche’s shareholders.” Schwan said that Illumina, which makes products used for genetic analysis, had failed to “engage in a constructive dialogue” even after Roche boosted its original January offer of $44.50 per share to $51 per share on March 29. Illumina...

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