Here’s Why Illumina Shares Barely Budged When It Gave Up On Its Takeover to The Tune Of $98 Million

Genome-sequencing company Illumina (NASDAQ: ILMN), abandoning the takeover of smaller competitor Pacific Biosciences (NASDAQ: PACB), lost it $98 million and a year of its time. One would have expected Illumina shares to sink like a stone after the Jan. 2 announcement, but they didn't. Instead, the shares slipped only 1.3% in the trading session that followed, and have since gained about 2%.