Hostile takeovers are no fun to be part of but they're exciting to watch. 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 offerÂ 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 sharesÂ 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
- check out the AP report
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