Exhibition Stands News
Roche ups offer price for Genentech shares
09 Mar 2009
Roche has increased its offer price for all the outstanding publicly-held shares of Genentech, it has announced.
The former says it is now proffering the latter a total of $93 (£67) per share.
Additionally, it has extended the deadline of the transaction until 00:00 local time in New York on Friday March 20th.
The other terms and conditions of the deal remain the same.
Franz B Humer, chairman of the Roche Group, said he believes there is "strong sentiment" to bring the transaction to a conclusion.
"As a result, we are increasing our price to $93 per share to maximise shareholder participation and will proceed quickly to complete all necessary financing. We now look forward to successfully completing the transaction," he added.
Roche commenced its tender offer for Genentech''s shares - for $86.50 each - on February 9th. At the time, the former noted it possessed roughly 55.8 per cent of the latter''s outstanding shares.
