BOSTON, Aug. 13 (Reuters) - U.S. biotechnology company Genentech Inc
said on Wednesday that an offer by its majority shareholder, Roche Holding AG
, to acquire the shares of Genentech it does not already own
"substantially undervalues the company."
South San Francisco-based Genentech said that while the Swiss drugmaker's
offer of $89 a share is too little, Genentech would consider a proposal that
"recognizes the value of the company and reflects the significant benefits that
would accrue to Roche as a result of full ownership."
Roche offered last month to pay $43.7 billion to acquire the remaining 44
percent of Genentech it does not already own. Genentech formed a special
committee to review the proposal.
Genentech's shares rose less than half a percent to $98.16 on the New York
Stock Exchange in early trading.
(Reporting by Toni Clarke, editing by Gerald E. McCormick)
((toni.clarke@thomsonreuters.com; 617-367-4165; reuters messaging:
toni.clarke.reuters.com@reuters.net)) Keywords: GENENTECH ROCHE/
tf.TFN-Europe_newsdesk@thomsonreuters.com
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