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Biotech / Medical : Munch-a-Biotech Today -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (2440)	7/26/2007 9:30:44 PM
From: tuck	Read Replies (2) \| Respond to of 3158

>>Roche Extends Tender Offer for Ventana Thursday July 26, 5:00 pm ET BASEL, Switzerland, July 26 /PRNewswire-FirstCall/ -- Roche (SWX: ROG.VX; RO.S), a world-leading healthcare provider of pharmaceuticals and diagnostics, announced today that it has extended its offer to acquire all of the outstanding common shares of Ventana Medical Systems, Inc. (Nasdaq: VMSI - News) to 5:00 p.m., New York City time on Thursday, August 23, 2007. The tender offer was previously scheduled to expire at 12:00 midnight, New York City time, on July 26, 2007. All other terms and conditions of the tender offer remain unchanged. As of the close of business on July 25, 2007, approximately 9,936 shares have been tendered pursuant to the offer. 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.<< >>Ventana Responds to Roche's Unsolicited Tender Offer Extension Thursday July 26, 7:27 pm ET TUCSON, Ariz.--(BUSINESS WIRE)--Ventana Medical Systems, Inc. (NASDAQ: VMSI - News), the global leader in tissue-based cancer diagnostics, today issued the following statement regarding Roche's decision to extend its unsolicited tender offer to acquire all outstanding shares of Ventana for $75.00 in cash per common share: "The situation has not changed - our Board of Directors continues to believe that Roche's bid is wholly inadequate and recommends that stockholders not tender any of their shares to Roche. Not only is the offer significantly below our current market price, it does not even come close to reflecting the intrinsic value of the Company, its strong growth prospects in an accelerating market, and the synergy value of Ventana to Roche."<< "Significantly below the current market price" What jackasses; the market price was ~$45 before the offer. They haven't come up with a white knight. But the market still believes one will show or Roche will up their offer. This has certainly been the most interesting biotech munch attempt in a good while. Most other targets meekly went into the jaws of the bigger fish, happy to get a decent premium. Battle of wills. And what's the work around of that Arizona control law? Cheers, Tuck