SOUTH SAN FRANCISCO, Calif. (AP) - Genentech Inc. says the company has
officially formed a special committee consisting of its three independent board
members to consider Roche Holding's takeover bid.
Committee chairman Charles Sanders said in a statement Thursday that there
was "no assurance" the committee would approve a deal with Roche.
Sanders called the Roche offer Monday of $89 per share for the 44 percent of
Genentech stock not owned by the Swiss pharmaceutical maker "unsolicited and
unexpected."
Many Wall Street analysts have called Roche's offer far too low. Other
analysts have said Genentech's partnership agreement with Roche gives the Basel,
Switzerland-based company significant leverage to keep the price down.
Genentech said in its statement that it had no obligation to agree to any
deal with Roche.
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