Swiss drug company Roche Holding AG says it sees no legitimate reason for Illumina's decision to urge it shareholders to reject a sweetened buyout offer.
Roche raised its original $44.50 per share offer for the U.S. maker of genetic analysis instruments last week to $51 per share, valuing the company at about $6.5 billion. But the San Diego-based Illumina said the deal still undervalued its business.
Roche Group chief executive Severin Schwan said in a statement Tuesday his company was disappointed with Illumina which also "continues to rebuff our attempts to engage in substantive discussions."
He said Roche's offer was "highly attractive" and there was "absolutely no justification" for Illumina's refusal to talk further or agree to the deal.