>>Special Committee of Genentech Board of Directors Responds to Roche's Announced Intention to Commence a Tender Offer
Friday January 30, 2009, 3:18 pm EST
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--The special committee of the Board of Directors of Genentech, Inc. (NYSE:DNA - News) today urged shareholders to take no action at this time with respect to the announcement by Roche that it intends to commence a tender offer to acquire all of the outstanding shares of Genentech not owned by Roche for $86.50 per share. The special committee will take a formal position within 10 business days following the commencement of such a tender offer.
The special committee reiterated that on August 13, 2008, after careful consideration, it had unanimously concluded that a proposal from Roche to acquire the shares of Genentech not owned by Roche for $89.00 per share substantially undervalued the company. “Notwithstanding current market conditions, the special committee continues to believe that $89.00 substantially undervalues the company,” said Dr. Charles A. Sanders, the chairman of the special committee of Genentech’s Board of Directors.
“The special committee is disappointed that Roche has taken this unilateral and opportunistic step in an attempt to take advantage of current market conditions. The special committee has been working diligently toward one goal: assuring full, fair value for all of Genentech’s minority shareholders,” said Dr. Sanders. “The special committee has been actively engaged with Roche to assist Roche in making a proposal that recognizes the value of the company and reflects the significant benefits that would accrue to Roche as a result of full ownership.”
The special committee is represented by Goldman, Sachs & Co. and Latham & Watkins LLP. Genentech is represented by Wilson Sonsini Goodrich & Rosati.<<
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Yup, bearing much resemblance to the Ventana war of words. Roche is using the same advisers, too. Let's see how many shares get tendered.
Cheers, Tuck |
