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

|About: Roche Holding Ltd ADR (RHHBY)|By:, SA News Editor

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.