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 [3]
Ventana shares soar on hostile $3B bid. Report [2]
Roche shakes up R&D, eyes new buyouts. Report [7]
Links:
[1] http://www.fiercebiotech.com/story/genzyme-to-pursue-rare-hostile-biotech-bid/2006-08-31
[2] http://www.fiercebiotech.com/story/ventana-shares-soar-on-hostile-3b-bid/2007-06-26
[3] http://www.fiercebiotech.com/story/ventana-spurns-roche-s-3b-hostile-takeover-bid/2007-07-11
[4] http://www.fiercebiotech.com/press-releases/press-release-united-states-district-court-district-arizona-grants-roches-motion-prel
[5] http://www.forbes.com/feeds/ap/2007/08/21/ap4041788.html
[6] http://www.fiercebiotech.com/story/roche-note-opens-door-higher-ventana-bid/2007-07-13
[7] http://www.fiercebiotech.com/story/roche-shakes-up-rd-eyes-new-buyouts/2007-02-07