Updated to reflect Illumina CEO comments and preliminary results from stockholder meeting.
NEW YORK (TheStreet) -- Swiss pharmaceuticals giant Roche has decided not to extend a $51 a share takeover offer for Illumina (ILMN), signaling that the genomics machinery specialist has fended off a hostile bid.
After making an initial $44.50 per share bid for Illumina in January, Roche boosted its unsolicited offer to $51 a share or roughly $6.8 billion -- an offer Illumina rejected in April. With shareholder proxy services supporting Illumina's defiance, Roche said that the re-election of the company's incumbent directors over a hostile slate of nominees at the company's annual meeting led Roche to let its offer expire rather than raise it.
In deciding not to extend its offer, Roche indicated that it was resistant to a bid increase or extension because of its inability to access Illumina's finances.
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