Create a free Manufacturing.net account to continue

Genentech Committee To Study Roche Bid

Company has officially formed a special committee consisting of its three independent board members to consider Roche Holding's takeover bid.

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.