Illumina CEO Says Roche’s $6.7 Billion Bid Limited Talks

Roche Holding AG’s $6.7 billion public bid to buy Illumina Inc. stopped the gene-sequencing company’s board from discussing what price would be acceptable and may have scuttled a possible deal, according to Chief Executive Officer Jay Flatley.

Flatley, 59, who called the $51-a-share offer “woefully inadequate,” said yesterday that the directors didn’t want to openly talk about a sale amount after Roche’s hostile bid was made public in January because they would have needed to disclose those discussions.