November 21, 2012 / 12:30 PM / 5 years ago

Illumina says Complete Genomics rejects buyout offer

(Reuters) - Genetic sequencing company Illumina Inc (ILMN.O) said smaller peer Complete Genomics Inc GNOM.O rejected its takeover bid of about $114 million.

Complete Genomics had agreed to be bought by China’s BGI-Shenzhen in September for $3.15 per share, three months after the gene sequencing company started a strategic review.

Illumina on Friday revealed its bid of $3.30 per Complete Genomics share.

    In a filing on Wednesday, Illumina said its bid was superior and unlike the BGI bid, was not contingent on financing or subject to government approval as a foreign investment.

    Shares of Illumina closed at $50.52 on Tuesday, while those of Complete Genomics closed at $3.09 on the Nasdaq.

    Reporting by Balaji Sridharan in Bangalore; Editing by Supriya Kurane

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