Illumina’s shareholders hareholders voted to re-elect all of Illumina’s directors at the company’s annual meeting by a large margin, defeating an effort by Roche to gain control of the board. The preliminary voting results of Illumina’s stockholder meeting showed that all four of the Illumina’s nominees were selected to the Board of Directors, inncluding Illumina’s director Jay Flatley.
In a press release announcing the withdrawl, Roche’s CEO Severin Schwan said
We continue to hold Illumina and its management in very high regard but, with access only to public information about Illumina’s business and prospects, we do not believe that a price above Roche’s offer for Illumina of $51.00 per share would be in the interest of Roche’s shareholders.
We have throughout this process desired to engage in a constructive dialogue with Illumina’s management, listen to its views of value and prospects, and offer a fair and adequate price to Illumina’s shareholders. But in the absence of such discussions, our duty to be disciplined with the assets of Roche’s shareholders has led to this decision. Roche will continue to consider options and opportunities to develop further its portfolio of businesses in order to expand its diagnostics leadership position.
Earlier Illumina announced the preliminary results of the voting by Illumina’s shareholders and Illumina’s President CEO Jay Flatley said
We thank Illumina stockholders for their support and appreciate their confidence in our ability to execute our strategic plan and create compelling value. Our Board will continue to protect and hold paramount the interests of our stockholders as we continue to cultivate Illumina’s leadership position in a rapidly innovating and growing industry.
We are pleased that Roche has decided not to extend its inadequate offer to acquire Illumina and that we can now return our full focus to growing our business, making the most of the expanding opportunities in our space, and delivering superior results for our customers and stockholders.