NEW YORK (GenomeWeb News) – Ventana Medical Systems has urged its shareholders again to reject Roche’s extended offer to buy the firm for $75 per share.
The offer marks the fifth time that Roche has sought to get approval from Ventana’s shareholders to acquire the firm for $75 per share, or roughly $3 billion. Ventana’s stock closed yesterday at $86.07 on the Nasdaq.
Ventana issued a statement last night rejecting Roche’s latest offer, urging its stockholders “not to tender any of their shares to Roche at this inadequate price.” According to the Tucson, Ariz.-based company, less than .2 percent of its approximately 35 million outstanding shares have been tendered pursuant to the offer.
In an effort to get Roche to increase its offer, in November Ventana agreed to let Roche examine its books and gave the diversified Swiss healthcare giant access to non-public information that it believes would provide Roche greater insight into Ventana’s “business prospects and the inherent value in companion diagnostics.”
In the statement last night, Ventana President and CEO Christopher Gleeson said, “Our discussions with Roche under the confidentiality agreement are progressing, and we remain committed to providing superior value to our investors.”
Roche’s latest offer expires at 5:00 PM EST on March 14.