Genentech rejects Roche bid
Friday, 15 August, 2008
A special committee of US biotechnology giant Genentech’s board of directors has rejected a proposal by Swiss pharma Roche to buy out the company for US$43.7 billion.
Roche, which already owns 56 per cent of Genentech, was offering $89 per share for the remaining 44 per cent.
The Genentech directors said the offer undervalued the company but would consider a new proposal at a price it considered worthy.
Genentech’s stocks were trading on the New York Stock Exchange at close to $100 this week.
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