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Roche’s (RHHBY.PK) $5.7B hostile offer for Illumina (ILMN +43.1%) is built on a loophole...

Roche’s (RHHBY.PK) $5.7B hostile offer for Illumina (ILMN +43.1%) is built on a loophole in ILMN’s takeover defenses: Roche will be able to vitiate ILMN’s provision for a staggered board by simply proposing to amend the by-laws at the next annual meeting to add another two Roche-sponsored directors, a scenario it completed successfully in its 2007 bid for Ventana.
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