For Illumina shareholders, Wednesday’s annual meeting isn’t the main event.
Shareholders of all girth face a host of meetings with the pharmaceutical company currently in the crosshairs of a hostile bid from Swiss drug maker Roche.
According to people familiar with the matter, Illumina asked JP Morgan Chase research analyst Tycho Peterson to host a small dinner for the company’s long-term shareholders Wednesday evening following the meeting.
Peterson put a $70 price target on Illumina shares after Roche went hostile with its then $5.7 billion bid for the company, valued at $44.50 per share. Roche has since bumped its offer to $51 per share, or more than $6.5 billion.
Though Peterson’s target came early in the hostile timeline, it still blows past the average analyst estimates by a $14 margin.
By all suspicion, the meeting would be one for Illumina to play offense with its longest-term investors after shareholders successfully voted down six board members Roche put up to slate. A lunch meeting for the broader shareholder base is scheduled for Thursday, according to people familiar with the plans, who said it would be held at JP Morgan headquarters in New York.
An Illumina spokeswoman declined to comment on the meetings.
Shares of Illumina were down 1.5 percent in trading ahead of the meeting; the stock started what would be a 15 percent drop on Friday, after investors feared Illumina’s plan meant it would stand alone — in the near term — as Roche faces a long haul.
Follow Kayla Tausche on Twitter: @kaylatausche