Deals
Roche’s Hostile Bid Undervalues Illumina, ISS Says
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Roche Holding AG’s $6.7 billion hostile takeover bid undervalues Illumina Inc., and investors in the maker of gene-mapping tools should reject Roche’s attempt to seize control of the board, a proxy-advisory firm said.
The recommendation today by Institutional Shareholder Services may prompt Roche to increase its offer for San Diego-based Illumina a second time, said Lionel Melka, co-manager of Bernheim, Dreyfus & Co.’s Diva Synergy Fund, which holds Illumina stock.