Illumina to pay up to $34M to extend offer for Pacific Bio

Illumina has notified Pacific Biosciences that it has exercised its right to extend the deadline of acquisition offer to March 31, 2020.

As stipulated in the agreement, it will pay PACB $6M no later than January 2, 2020, $22M no later than February 3, 2020 and $6M no later than March 2, 2020. The monies are repayable without interest if the merger agreement is terminated and PACB enters into a certain change-of-control agreement with a third party within two years or raises at least $100M in new capital in a single transaction.

The companies are facing regulatory opposition to the tie-up in several jurisdictions over concerns that it will lessen competition.


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