Genentech says no thank-you to Ma Roche |
News - Financial News | |||
Written by Hugh McManus | |||
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As was anticipated, Genentech [NYSE:DNA] has declined Roche's $43.7 billion offer to merge. Interesting, the company left open the possibility of a take-over if the purchase price is raised. Charles Sanders, chair of the committee reviewing the Roche offer said "The special committee is confident in the company's strong financial and clinical momentum and its uniquely productive research and development capabilities, which will continue to enhance shareholder value." To complete the deal, Roche has to convince a majority of the non-Roche shareholders to vote in favor of the merger.
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