NEW YORK (AP) — Diagnostics company Illumina Inc. says two advisory firms are recommending that its shareholders reject Swiss drugmaker Roche's offer to buy the company.
Illumina said Institutional Shareholder Services Inc. says the offer of $6.5 billion, or $51 per share, is too low and Illumina shareholders should vote against it.
Egan-Jones Ratings company also recommends that shareholders reject Roche Holding AG's proposals and support the board candidates whom Illumina has nominated instead of Roche's nominees, Illumina said Friday.
Roche Holding AG publicly offered to buy Illumina for $5.7 billion in January and increased the bid in March. It says it is disappointed with the ISS recommendation and would be willing to increase its offer again if it can negotiate with Illumina.