Roche Offers $86.50 Per Share For Genentech
The offer and withdrawal rights are scheduled to expire at 12 midnight ET on March 12, unless the offer is extended. Roche currently owns around 55.8% of the Genentech outstanding shares.
The offer replaces the public proposal made on July 21, 2008 by Roche to acquire all of the publicly-held shares of Genentech at $89 per share in cash by means of a negotiated merger. That proposal was rejected by the special committee of Genentech's board on August 13, 2008.
Roche said that, in light of the lack of progress toward an agreed transaction, it is making an offer directly to Genentech shareholders. The company's offer is conditional upon, among other things, a non-waivable condition that holders of at least a majority of the outstanding publicly-held Genentech shares tender their shares in the offer and that Roche has obtained sufficient financing to purchase all outstanding publicly-held shares and all shares issuable upon exercise of outstanding options and to pay related fees and expenses.
If, following the consummation of the offer, Roche owns 90% or more of the Genentech shares, the company intends to consummate a merger with Genentech.
Basel, Switzerland-based Roche is a healthcare group in the fields of pharmaceuticals and diagnostics. The company said it invested nearly nine billion Swiss francs in R&D in 2008, and employs about 80,000 people.
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