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Home Industry News Roche extends offer for Ventana

Roche extends offer for Ventana

27th July 2007

Following the expiration of the waiting period under the Hart-Scott Rodino (HSR) antitrust legislation earlier this week, Roche has announced an extension of its tender offer for all the outstanding common stock in Ventana Medical Systems.

The previous offer for shares was due to expire at midnight yesterday, but has now been extended, with all terms and conditions remaining the same as for the prior offer.

Expiration of the HSR waiting period is one of the conditions for the tender offer, with the others including the tender of a majority of shares in Ventana on a fully-diluted basis, the board of Ventana taking the necessary steps to make Roche’s offer exempt from its shareholder rights plan and other standard closing stipulations.

“On June 27th 2007, Roche commenced a tender offer to acquire all of the outstanding common shares of Ventana for $75 [36.59 pounds] per share in cash,” the company reports.

Roche notes that this sum is equivalent to 44 per cent over the closing price of the shares in the company five days earlier and a 55 per cent rise on its three-month average.

The company first announced its offer for Ventana last month, tendering a bid of approximately $3 billion in total for the firm in an attempt to widen its diagnostic product line.

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