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Home Industry News Roche purchases shares in Ventana tender offer

Roche purchases shares in Ventana tender offer

8th February 2008

Roche has announced that its wholly-owned subsidiary Rocket Acquisition Corporation is to pay for all validly tendered shares as part of its tender offer for all outstanding shares of Ventana Medical Systems at $89.50 (45.45 pounds) per share in cash.

Just over 25 million shares of Ventana common stock were tendered and not withdrawn as of the expiration of the tender offer – representing approximately 70.5 per cent of Ventana’s outstanding shares.

Roche has also confirmed that Rocket Acquisition is to provide an offering period to shareholders who have not yet tendered their shares but may wish to do so.

The offering period will expire on February 15th 2008 with all shares tendered during this period purchased for the same cash consideration per share as was paid in tender offer.

Franz B Humer, Roche chairman and chief executive officer, commented on the move by Rock Acquisition: “We are pleased that we have successfully completed this step in the transaction and look forward to welcoming Ventana to the Roche Group.”

Greenhill & Co and Citi have confirmed that they will be acting as financial advisors to Roche throughout the acquisition.

The acquisition has now been agreed by both boards at an aggregate price of approximately $3.4 billion (1.7 billion pounds).

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