Illumina Looks To Fend Off Hostile Bid

San Diego-based Illumina, the maker of genetic analysis and other life sciences tools and equipment, made a move to stave off a hostile bid for the company by Roche this morning, saying that it has adopted a "Stockholder Rights Agreement". The agreement gives one preferred stock purchase right for each share of the company's common stock. Stockholders Rights Agreements are a common tactic used by companies to make it more difficult for a hostile takeover. Illumina said the agreement is designed to deter coercive or unfair takeover tactics. Roche offered to acquire Illumina Tuesday for $5.7 billion, $44.50 per share in cash.