Roche is starting to look like that annoying guy who won't take no for an answer--the company keeps asking Ventana Medical Systems if it wants to join up, and Ventana keeps refusing. Is Ventana playing hard to get, or should Roche just give up?
Here's the evidence: Roche says only 63,541 Ventana shares have been tendered, about two-tenths of one percent of the 34 million outstanding. Understandable, since the tender offer was for $75, and shares closed yesterday at over $83. But Roche extended its offer once again, at the same price, through Nov. 1. Ventana haughtily rejected the third advance, saying it's worth much more than $75 a share. It's clear that Ventana's no cheap date. We'll see if Roche sweetens the deal.
- read the news release on Roche's extension
- read Ventana's response to the extension of Roche's offer
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