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Biotech / Medical : Munch-a-Biotech Today
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To: tuck who wrote (2437)8/22/2007 9:48:11 AM
From: tuck  Read Replies (1) of 3158
 
>>United States District Court for the District of Arizona Grants Roche's Motion for Preliminary Injunction
Wednesday August 22, 8:42 am ET

BASEL, Switzerland, Aug. 22 /PRNewswire-FirstCall/ -- Roche (SWX: ROG.VX; RO.S) announced that, on August 21, 2007, the United States District Court for the District of Arizona granted Roche's motion for a preliminary injunction enjoining Ventana Medical Systems Inc. (Nasdaq: VMSI - News) from taking action to apply or enforce certain antitakover provisions of the Arizona Revised Statutes (sections 10-2721 through 10-2727 and sections 10-2741 through 10-2743) with respect to Roche or Roche's tender offer to purchase all outstanding shares of common stock of Ventana.

On June 27, 2007, Roche commenced a tender offer to acquire all of the outstanding common shares of Ventana for $75.00 per share in cash. This price represents a 44% premium to Ventana's close of $51.95 on June 22, 2007 (the last trading day prior to the announcement of Roche's offer) and a 55% premium to its three-month average as of the same date of $48.30.

Greenhill & Co. and Citi are acting as financial advisors to Roche and Davis Polk & Wardwell is acting as legal counsel.<<

snip

Can it be as easy as filing for and getting a preliminary injunction? Why was it granted?

Cheers, Tuck
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