Exhibition Stands News
Roche completes Genentech acquisition
27 Mar 2009
Roche has completed its acquisition of Genentech, it has announced.
The pharmaceutical company explains the transaction is pursuant to a short-form merger between the two firms which will see the latter become a wholly-owned subsidiary of the former.
Along with the 55.7 per cent of outstanding shares previously owned by Roche as a result of other transactions, the firm now holds a total of approximately 93.2 per cent of the 1,054,555,886 shares in Genentech currently remaining.
In addition, another three per cent of shares in the company have been guaranteed to be delivered to the firm in the next three business days.
Public shareholders who have tendered their stakes will receive $95 (£66.46) per share for their holdings, subject to appraisal rights Roche - which is headquarted in Switzerland - declares.
Following the completion of the merger, Genentech''s common stock will no longer be traded on the New York Stock Exchange.
