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

Illumina (NASDAQ:ILMN) has notified Pacific Biosciences (NASDAQ:PACB) 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 March 2, 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 lease $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.

https://seekingalpha.com/news/3527265-illumina-to-pay-up-to-34m-to-extend-offer-for-pacific-bio