Hostile takeovers are no fun to be part of but they're exciting to watch [1]. Roche won the latest round in its bid for Ventana Medical Systems: An Arizona court granted an injunction against Ventana's use of anti-takeover statutes to block Roche's bid for the company.
You'll recall that Roche made a tender offer [2]Â for Ventana back in June at a price of $75 per share; the previous trading day, Ventana stock had closed at $51.95. In July, the Ventana board told shareholders not to cash in their shares [3]Â because the Roche offer was "inadequate." Just yesterday, Roche extended its offer through September 20; only some 13,500 shareholders had tendered their stock--and Ventana has 35.6 million shares outstanding. Ventana shares are now trading at $82.51.
- see the release [4]
- check out the AP report [5]
Related Articles:
Roche note opens door to a higher Ventana bid. Report [6]
Ventana spurns Roche's $3B hostile takeover bid. Report [7]
Ventana shares soar on hostile $3B bid. Report [8]
Roche shakes up R&D, eyes new buyouts. Report [9]