Wonder what Genentech's thinking about Roche these days? Tune into Monday's investor webcast to find out. The company is expected to explain why it's urging stockholders to reject Roche's $86.50-per-share bid for the 44 percent of Genentech it doesn't already own.
In announcing the webcast, Genentech advised stockholders to "read carefully" the 14D-9 filing it made with the Securities and Exchange Commission. That's the document Genentech had to submit announcing its position on the latest Roche bid, which is $2.50 lower than its previous $89 offer, made last summer.
If you follow Genentech's advice, you'll get a play-by-play of the negotiations between Roche and Genentech's special board committee and Goldman Sachs, which Genentech hired as a financial advisor: phone calls, a meeting in London, at least one ultimatum (in which Roche Chairman Franz Humer said that if Genentech asked for a $100-plus price per share, then Roche would turn its friendly offer into a hostile takeover--which is more or less what ended up happening). The filing also includes the financial projects that Genentech reportedly used to justify a $112-per-share asking price.
So, for your weekend reading pleasure, we offer the SEC link below. And if you're not inclined to read the fine print, you can always tune in Monday.
- read the Genentech release
- check out the full SEC filing
- read the Wall Street Journal story