Illumina, Inc. (NASDAQ:ILMN), a leading developer, manufacturer, and marketer of life science tools and integrated systems for the analysis of genetic variation and function, today announced that independent proxy advisory firm Glass, Lewis & Co., LLC (“Glass Lewis”) has recommended that Illumina’s stockholders vote for the election of Illumina’s highly qualified nominees at its 2012 Annual Meeting of Stockholders by completing the WHITE proxy card.
“We are very pleased that all three of the leading proxy advisors – Institutional Shareholder Services, Glass Lewis and Egan-Jones – have now recommended that their clients support the re-election of Illumina’s slate of directors and vote against all of Roche’s proposals at Illumina’s upcoming Annual Meeting,” said Jay T. Flatley, President and CEO of Illumina. “The simple fact remains that Roche’s unsolicited offer clearly undervalues Illumina and that our highly qualified and experienced directors are best positioned to create value for Illumina’s stockholders. We are confident that Illumina’s stockholders will reject Roche’s hostile and opportunistic efforts to acquire Illumina at a grossly inadequate price.”
In its April 9, 2012 report, Glass Lewis stated:
|"…we expect the Dissident's solicitation is intended to serve as little more than additional pressure to complete the transaction on Roche's terms, irrespective of whether they appropriately reflect Illumina's forward value or the board's ability to execute the Company's stand-alone business plan in the current operational climate. With that considered, we find no cause for shareholders to support Roche's candidates, nor do we find any reason for shareholders to accept such an expeditious engagement as appropriate in the context of multi-year lows in share price and valuation for Illumina."– Glass, Lewis & Co., LLC, April 9, 2012*|
Illumina urges its stockholders to vote their WHITE proxy card today to re-elect four highly qualified, experienced and well-informed directors -- A. Blaine Bowman; Karin Eastham; Jay T. Flatley, President and CEO; and William H. Rastetter, Chairman -- to Illumina’s Board. Illumina’s director nominees are committed to acting in the best interests of all stockholders. If stockholders have questions about how to vote their shares on the WHITE proxy card, or need additional assistance, they should contact the firm assisting Illumina in the solicitation of proxies:
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