BGI-Shenzhen today said that it has extended its offer to acquire Complete Genomics for around $118 million until midnight New York City time on Dec. 14.
BGI's tender offer to acquire all of the shares of Complete Genomics was previously scheduled to expire today. As of the close of business last night approximately 15.4 million shares of Complete Genomics' common stock, or 44 percent of its outstanding shares, were tendered and not withdrawn.
The extension of the offer last night coincided with a letter Illumina sent to Complete Genomics' board of directors urging them to reconsider Illumina's offer to acquire the firm for around $123 million. Earlier this week Illumina confirmed that it had made an unsolicited offer of $3.30 per share to acquire Complete Genomics. That offer is 5 percent higher than the price agreed between BGI and Complete Genomics.
Complete Genomics turned down Illumina's offer saying that it would likely be turned down by regulators and didn't constitute a superior offer.
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Complete Genomics Saga extended story
- Illumina Confirms Unsolicited Bid for Complete Genomics
- Complete Genomics Warns of Potentially Dire Circumstances if BGI Buy Falls Through
- FTC Wants More Information About BGI-Shenzhen Buy of Complete Genomics
- Complete Genomics Turns Down Competing Acquisition Offer Citing Antitrust Worries
- BGI Extends Offer to Acquire Complete Genomics