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news.Genentech has announced that, after careful consideration, it has unanimously concluded that Roche's proposal to acquire the shares of Genentech not owned by Roche for $89 per share substantially undervalues the company. Therefore, the special committee does not support the proposal.
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However, the special committee 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.
Charles Sanders, chairman of the special committee, said: “The special committee is confident in the company’s strong financial and clinical momentum and its uniquely productive R&D capabilities, which will continue to enhance shareholder value. In addition, we look forward to the company maintaining its successful relationship with Roche, regardless of ownership structure.”