And the shareholders are looking for punitive damages. The Goldman/ILMN connection looks bad and I'm sure the shareholders won't have any problem proving conflict of interest. In the lawsuit, it states Goldman was going to lose hundreds of millions if the buyout went through at $44.50. Hmmm. We could see some action tomorrow.
You're on this message board to prop up ILMN's share price. It is cheaper for ILMN's hedge fund owners to pay you, michael lind, to prop up ILMN's share price than to actually have to buy an additional million shares/day to kepp ILMN share price around $52 - $54/share.
This is what michael lind claims is "M&A experience."
It's called market manipulation and common fraud!
Shareholders sue Illumina over Roche bid
Feb 14 (Reuters) - A group of Illumina shareholders has filed a putative class action against the life sciences company alleging that its directors adopted a poison pill plan to thwart a takeover by Swiss drugmaker Roche Holding Ltd., based on bad advice from Goldman Sachs.
The lawsuit, brought on behalf of all Illumina stockholders, was filed Tuesday in Delaware Chancery Court. It alleges that Goldman Sachs had a conflicting financial interest in advising Illumina to reject Roche's offer to buy the company and in advising the company to adopt a poison pill plan. The lawsuit asserts that Illumina had "inexplicably chosen to receive" Goldman's advice even though it was conflicted.
In a hostile takeover bid last month, Roche offered to buy Illumina for about $5.7 billion, which Illumina rejected. Illumina then adopted a poison pill plan defense strategy, which enabled shareholders to exercise rights to buy new common stock if Roche or any other bidder acquired 15 percent or more of Illumina's stock.
Tuesday's lawsuit alleges that Goldman Sachs had an incentive to advise Illumina to reject the offer, even though the value of Illumina shares would have increased from the sale to Roche. The lawsuit asserts that because of a complex derivative transaction between Illumina and Goldman Sachs, Goldman Sachs stood to lose hundreds of millions if the Roche offer was accepted.
A spokewoman for Illumina and a spokesman for Goldman Sachs declined comment. A spokeswoman for Roche was not immediately available for comment.