SAN DIEGO--(BUSINESS WIRE)--Illumina, Inc. (“Illumina”) (NASDAQ: ILMN) has been notified of an unsolicited “mini-tender offer” by TRC Capital Corporation (“TRC”) to purchase up to 500,000 shares of Illumina common stock at a price of $268.80 per share in cash.
TRC’s offer is subject to a number of conditions, including TRC’s ability to obtain sufficient financing. By its terms, TRC’s offer will expire at 12:01 a.m., New York City time, on Thursday, October 3, 2019, but TRC may extend the offer, or terminate it, before the expiration date.
Illumina is not affiliated or associated in any way with TRC, its offer or the offer documentation. Illumina recommends that stockholders not tender their shares in response to TRC's unsolicited offer because, among other things, it deprives stockholders who tender their Illumina shares of the potential opportunity to realize greater long-term value in their investment.
TRC has made similar mini-tender offers for shares of other companies. Mini-tender offers seek to acquire not more than five percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements of the U.S. Securities and Exchange Commission (the “SEC”) that apply to offers for more than five percent of a company's outstanding shares. As a result, investors are provided fewer protections in mini-tender offers than would be provided in larger tender offers under U.S. securities laws.
Illumina encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosure at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Illumina requests that a copy of this news release be included with all distributions of materials relating to TRC's mini-tender offer related to shares of Illumina's common stock.
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as the global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. To learn more, visit www.illumina.com and follow @illumina.