Davis Polk and Dewey take leading roles on $5.7 bn hostile takeover bid
Davis Polk & Wardwell and Dewey & Boeuf 40] have taken lead roles in the leadup to a $5.7 hostile takeover bud for San Diego–based gene-mapping equipment-maker Illumina, Inc by health care giant Roche.
Roche proposes to pay $44.50 in cash per Illumina share – an 18 per cent premium over the price of the shares last week, and a 64 per cent premium over their price in December last year, before speculation about the takeover affected the market. Roche has contacted shareholders directly after its efforts to negotiate with management failed, but the board of directors has asked shareholders to take no action until they review the bid.
Davis Polk & Wardwell is advising Roche on the takeover attempt with a New York–based team that includes corporate partners Arthur Golden and Marc Williams, antitrust partner Ronan Harty, litigation partner Lawrence Portnoy, benefits partner Jean McLoughlin, and tax partner Michael Mollerus. Corporate partner Frank Azzopardi is advising on intellectual property issues.
Gibson, Dunn & Crutcher is advising Citigroup Global Markets in its role as financial adviser to Roche. The law firm has fielded a team led by New York corporate partners Barbara Becker and Dennis Friedman.
Illumina is advised by Dewey & LeBoeuf, which has provided a legal team that includes Silicon Valley corporate partners Richard "Rick" Climan and Keith Flaum, as well as by corporate of counsel Frederick Kanner in New York.
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