Roche completes tender offer for Genentech

By Lisa Kerner

Charlotte, N.C., March 26 - Roche Holding AG said approximately 395.7 million shares, or 84.7%, of Genentech, Inc.'s common stock were tendered in Roche Investments USA Inc.'s offer that ended at midnight ET on Wednesday.

Roche now holds a total of approximately 982.9 million, or 93.2%, of Genentech shares outstanding.

An additional 3% of Genentech's outstanding shares were guaranteed to be delivered within the next three business days, which will give Roche a total stake of approximately 96.2%.

Roche recently increased its offer for Genentech to $95 per share from $93 and extended the tender offer to March 25.

The Swiss drug maker originally proposed acquiring Genentech in July 2008 for $89 per share, an offer the South San Francisco, Calif., biotechnology company rejected.

Roche and Genentech expect to complete the transaction soon through a short-form merger under Delaware law. Genentech will become a wholly owned member of the Roche Group, and its common stock will cease trading on the New York Stock Exchange.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.