A lawsuit was filed by an investor in NASDAQ:ILMN shares in connection with the takeover offer for Illumina, Inc and NASDAQ:ILMN stockholders should contact the Shareholders Foundation.
San Diego, CA, USA (February 06, 2012) — The Shareholders Foundation announces that an investor in shares of Illumina, Inc. (NASDAQ:ILMN) filed a lawsuit in State Court against the members of Illumina’s board of directors arising out of their alleged breaches of fiduciary duty related to their alleged self-interested and unreasonable responses to a premium, non-coercive buyout offer for Illumina made by Roche Holdings Ltd.
Investors who purchased Illumina, Inc. (NASDAQ:ILMN) shares prior to January 24, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
On January 3, 2012, Roche made a private, formal offer of $40.00 per share. Rather than considering Roche’s efforts and non-coercive offer in good faith, the defendants rejected it out of hand, so the plaintiff.
Then on January 25, 2012, Roche publicized that it is proposing to acquire all outstanding shares of Illumina, Inc. (ILMN) for $44.50 per share in cash, or an aggregate of approximately $5.7 billion on a fully diluted basis. But on January 26, 2012, Illumina, Inc. (ILMN) already announced that its Board of Directors adopted a Rights Agreement also known as a poison pill that allows to deflect offers for the company.
The plaintiff alleges that defendants refused to consider Roche’s premium, non-coercive offer in good faith and the board’s refusal to make any attempt to negotiate a higher price demonstrates the perpetual nature of the excuses being offered up by the defendants to cover up their true motive for rebuffing Roche.
Those who are current investors in Illumina, Inc. (Public, NASDAQ:ILMN) shares, have certain options and should contact the Shareholders Foundation.
Contact:
Jacob Rosenfeld
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail(at)shareholdersfoundation.com
Web: http://www.shareholdersfoundation.com
