From Earlier: Roche Extends Tender Offer for Illumina

Roche RHHBY announced today that it has extended its cash tender offer to acquire all outstanding shares of Illumina, Inc. ILMN, at a price of $44.50 per share, to 6:00 p.m., New York City time, on March 23, 2012. The tender offer was previously scheduled to expire at 12:00 midnight, New York City time, at the end of the day on February 24, 2012. On January 27, 2012, Roche commenced a tender offer to acquire all outstanding shares of Illumina for $44.50 per share in cash or an aggregate of approximately $5.7 billion on a fully diluted basis. This offer represents a substantial premium to Illumina's unaffected market prices: a premium of 64% over Illumina's closing stock price on December 21, 2011 – the day before market rumors about a potential transaction between Roche and Illumina drove Illumina's stock price significantly higher – and a 61% premium over the one-month historical average and a 43% premium over the three-month historical average of Illumina's share price, both as of December 21, 2011.