Roche offer ‘turned down’ by Ventana shareholders

Ventana Medical Systems has reported that the majority of its shareholders have rejected the “inadequate” offer for the firm from Roche.

The company reports that, following the third extension of the tender offer from Roche, fewer than 0.2 per cent of the 35 million outstanding shares in Ventana have been sold.

Its board of directors has reiterated its recommendation that shareholders in the firm do not tender their shares to Roche, describing the $75 (36.5 pounds) per share offer as a “non-starter”.

Christopher Gleeson, president and chief executive officer of Ventana, said: “We are proud of our people who are continuing to perform extremely well despite the potential for distraction and we are grateful to our shareholders for their continued support.”

He restated the company’s dedication to provide shareholders with superior value through the successful delivery of its business plans and realisation of the myriad opportunities for the firm.

This statement comes after Roche announced a continuation of its offer to acquire all the outstanding shares of Ventana, with the expiration date extended from the start of November to January 17th 2008, with all other terms and conditions the same as for its previous offer.