San Diego, Jan. 25, 2012 (Shareholders Foundation) -- The announcement by Roche that it intends to acquire all outstanding shares of Illumina, Inc. (NASDAQ:ILMN) for $44.50 per share prompted an investigation for investors in Illumina (ILMN) shares concerning whether the offer to acquire Illumina Inc. and the buyout process are unfair to investors in NASDAQ:ILMN).

The investigations by law firms concern whether Illumina, certain officers and directors, and/or others breached their fiduciary duties to NASDAQ:ILMN investors in connection with the proposed acquisition.

On January 24, 2012, Roche announced that it is proposing to acquire all outstanding shares of Illumina, Inc. (NASDAQ:ILMN) for $44.50 per share in cash, or an aggregate of approximately $5.7 billion on a fully diluted basis.

Roche said that the offer represents a 64% premium over Illuminas stock price on December 21, 2011 the day before market rumors about a potential transaction between Roche and Illumina drove Illuminas stock price significantly higher a 61% premium over the one-month historical average and a 43% premium over the three-month historical average of Illuminas share price, both as of December 21.

The next day Illumina, Inc. confirmed that that Roche has made an unsolicited acquisition proposal and intends to commence a tender offer to acquire all of the outstanding shares of Illuminas common stock. Illumina, Inc said that it will review Roches proposal and make a recommendation to stockholders.
Following the takeover proposal shares of Illumina, Inc. (Public, NASDAQ:ILMN) jumped from $37.68 per share on Tuesday above the current offer and closed as high as $55.15 on Wednesday.

Therefore the investigation for ILMN investors focuses on whether the offer by Roche undervalues NASDAQ:ILMN shares given also past recent stock prices for NASDAQ:ILMN shares.
In fact, ILMN shares traded as recently as September 14, 2011 with $51.59 per share significantly above the current offer. In fact, ILMN shares traded during 2011 as high as $74.74 on July 22, 2011 and as high as $77.88 per share on July 6, 2011. In addition at least one analyst has set the high target price for NYSE:ILMN shares as high as $80 per share.

Further the investigation also concerns whether the Illumina Board of Directors will undertake an adequate sales process and in particular breach their fiduciary duties to NASDAQ:ILMN shareholders by failing to adequately shop the Company before entering into any transaction.

Despite higher past recent trading price over $44.50 per share Illuminas financial performance also increased over the past recent years. Its Total Revenue increased from $366.80million for a 52weeks period ending on Dec. 30, 2007 to $903.74million for a 52weeks period ending on Jan 2, 2011 and its Net Loss of $287.31million turned over the same time periods into a Net Income of $124.89million.

A potential securities class action lawsuit would seek to maximize the amount of money and information Illumina, Inc. (Public, NASDAQ:ILMN) shareholders would receive in a buyout, so the law firm.