Roche will nominate Illumina board candidates

Roche ($RHHBY) has upped the ante in its $5.7 billion hostile bid for gene sequencing company Illumina ($ILMN). Bloomberg is reporting that the company wants to boost the number of members on Illumina's board to 11 directors from 9, and nominate 6 independent candidates to the board of directors during its annual meeting later this year. As a result, Roche said, shareholders could elect a majority of directors nominated by Roche. The board meeting hasn't been scheduled yet. Illumina, in response to the bid, adopted a "poison bill" shareholder rights plan that could make Roche's bid too expensive. Story