Roche Completes Tender Offer For Genentech, Holds 93.2%
March 26 2009 - 1:37AM
Dow Jones News
Swiss drugmaker Roche Holding AG (ROG.VX) said Thursday it holds
93.2% of Genentech Inc (DNA) shares after completion of the tender
offer, with 3% more guaranteed for delivery.
Roche's wholly-owned subsidiary, Roche Investments USA Inc.,
completed its tender offer for the publicly held shares of
Genentech.
The offer expired at midnight, New York City time, at the end of
Wednesday, March 25. A total of approximately 395.7 million shares
of Genentech common stock were tendered representing 84.7% of
Genentech's publicly held shares. Roche Investments USA Inc. has
accepted for payment all shares validly tendered pursuant to its
tender offer.
Together with the 55.7% of the outstanding shares already held
by Roche, Roche now holds a total of approximately 982.9 million or
93.2% of the 1,054,555,886 Genentech shares outstanding. In
addition, a further 3.0% of Genentech's outstanding shares were
guaranteed to be delivered within the next three business days
which, if added to the shares already received in the tender offer
and Roche's existing stake, would represent approximately 96.2% of
Genentech's total outstanding shares. Public shareholders who have
tendered their shares will promptly receive $95.00 per share for
their shares.
Pursuant to the merger agreement between Roche and Genentech, as
soon as practicable Roche will cause a short-form merger under
Delaware law in which Genentech will become a wholly-owned member
of the Roche Group, and all remaining public shareholders will,
subject to appraisal rights, receive $95.00 per share for their
shares. Following the merger, Genentech's common stock will cease
to be traded on the New York Stock Exchange.
Company Web Site: http://www.roche.com
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