Roche To Nominate Slate Of Candidates To Iluminia Board

Roche (NASDAQ:RHHBY) announced that it has provided notice to Illumina (NASDAQ:ILMN) that it will nominate a slate of independent candidates for election to Illumina's board and propose certain other matters for the consideration of Illumina's shareholders at Illumina's 2012 annual meeting, which, if adopted, would result in Roche-nominated directors comprising a majority of the Illumina board.

Roche also named five alternate nominees for election to Illumina's board. Roche will also propose increasing the size of Illumina's board from nine directors to eleven directors with the resulting vacancies on the board to be filled by candidates nominated by Roche.

Severin Schwan, CEO of Roche Group, said, "Our proposed slate of directors is composed of well-qualified and distinguished executives who we believe, if elected, will act in the best interest of Illumina's shareholders. We believe that the proposed directors will carefully review the value represented by Roche's offer and ensure that Illumina acts in the best interests of its shareholders."

Roche Holding (NASDAQ:RHHBY) has potential upside of 27.1% based on a current price of $42.45 and an average consensus analyst price target of $53.95.

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