Updated to include additional analyst comments, share prices and added data throughout.
NEW YORK ( TheStreet) -- After extending a $5.7 billion January hostile bid for Illumina (ILMN) multiple times in March, Roche has upped its bid for the genomics machinery company by 15% to $6.7 billion -- or $51 a share -- as many investors and analysts expected.
The proposal by Roche is its third hostile bid in the U.S. pharmaceuticals sector after taking a previous $46.8 billion offer for Genentech and a $3 billion bid for Ventana Medical Systems directly to shareholders. With Thursday's offer price increase, Roche has come back to the table with a higher bid in all three instances.
Still, Roche may need to add to its amended offer for Illumina."While we were expecting a raised offer, we were not expecting a raised bid so soon after the initial bid. We still anticipate a higher bid, potentially mid-year, to take advantage of anticipated weakness in the space surrounding 2013
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