`

Roche to buy Ventana Medical for $3.4B

January 22, 2008
Roche has successfully turned a hostile takeover bid into a friendly one, winning over the board of Ventana Medical Systems Inc. by hiking the price it would pay by 19 percent.

Swiss-based Roche, which operates its North American diagnostic division out of Indianapolis, would pay $3.4 billion under a merger agreement signed by the boards of both companies. Under the agreement, Ventana would remain headquartered in Arizona, where it makes systems that automate the analysis of cancerous and diseased tissues.

The deal, which still requires the approval of Ventana shareholders, would have no economic impact on Indianapolis, a Roche representative said.

Roche offered $3 billion for Ventana in June, but Ventana's board said the offer was too low.

The offer Roche announced today, $89.50 a share, represents a 72-percent premium over the closing price of Ventana's stock before the hostile bid was announced in June. Roche initially offered $75 a share.
Source: XMLFULL/XMLFull10159.xml
ADVERTISEMENT

Recent Articles by IBJ Staff

Comments powered by Disqus