Genentech finally came through with its long-expected rejection of Roche's acquisition bid, saying that the asking price "substantially undervalues the company," according to this story in the New York Times. Analysts predict that the companies will continue to negotiate, and that Roche will raise the offer from its original $43.7 billion. The story also reports that Genentech is prepping to launch an "employee retention program, an indication it was worried that scientists and executives might leave now that the company could lose its independence."
Because We're Worth It
Aug 15, 2008
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