EXACT Sciences has firmly rejected Sequenom's $41 million offer to buy the company. Instead, the cancer test maker says it is pursuing a "strategic alternative" that will be better for shareholders. But the company never spelled out what the alternative is.

The board voted unanimously against the $1.50 per share offer, which Sequenom presented as the best deal Exact Sciences could expect to make. The diagnostics company has been struggling. Most recently, NASDAQ issued a delisting notice. Investment banker Leerink Swann was brought on to pursue a sale of the company last March, at the same time Jeffrey Luber was promoted to president.

- check out the EXACT Sciences release
- read the report from Mass High Tech 

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