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news.Ventana Medical Systems has entered into a confidentiality agreement with Roche. The agreement will allow Roche to commence due diligence and have appropriate access to non-public information regarding Ventana.
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Ventana’s board believes that the due diligence process will allow Roche to recognize the significant additional value inherent in Ventana’s business.
Ventana’s board of directors reiterated that Roche’s $75 offer is grossly inadequate and not an appropriate starting point for negotiations as Ventana’s share price has consistently traded well above Roche’s offer. Furthermore, the board continues to believe Roche’s offer does not appropriately compensate Ventana’s stockholders for the inherent value of the company or its synergistic value to Roche.
Merrill Lynch & Co. and Goldman Sachs are acting as financial advisors and Sidley Austin is acting as a legal advisor to Ventana.