Oppenheimer Maintains Perform on Illumina After Increased Roche Bid

Oppenheimer has published a research report on Illumina

after the company received an additional 15% of value from its Roche offer. In the report, Oppenheimer writes, "Roche has upped its hostile bid to acquire ILMN by raising its offer ~15% to $51/share to be tendered by April 20th. Prior to the increase ILMN maintained that the offer was "grossly inadequate." Roche has extended the original $44.50 offer numerous times and this increase came in one-third less time then Roche's past two hostile bids. Roche plans to nominate four new board members and to try to expand the board by two seats in order to gain majority rule at ILMN's 2012 shareholder meeting on April 18th. The increased offer will likely serve as the catalyst to bring ILMN to the negotiating table. Ultimately, we continue to believe the deal will be completed." Oppenheimer maintains its Perform rating on Illumina, which is currently trading up $2.07 from yesterday's $49.88 closing price.