Just Say No

A special committee of Genentech's board asks the company's investors to reject Roche's hostile bid, reports the Wall Street Journal. Genentech says that the hostile Roche offer, at $86.50 a share, is "inadequate and not in the best interest of shareholders" and undervalues Genentech's financial outlook, its history of developing new medicines, and its product pipeline. Roche responded to the committee's recommendation by saying Roche has made its case and it is now up to the investors.

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