The Swiss pharmaceutical group Roche has announced a merger agreement with the Ventana laboratories, six months after the launch of a takeover bid on the American group.
Roche, after extending its takeover bid on Ventana five times, finally agreed to raise it to 89.5 dollars per share, 19.3% more than the initial offer of 75 dollars. The new offer values Ventana at around 3.4 billion dollars, with a premium of 72.3% on the share prices as of June 22, before the launch of the tender offer. The Swiss group will pay 19.3% more than it had so far expected.
The raid had been launched at $75 a share. The Arizona-based company's board of directors refused to budge at this price, judging the Ventana to be undervalued. Roche had made no secret of its willingness to pay more and had re-launched the offer.
The US company is one of the world leaders in histopathological diagnostics, the biological study of living tissue with the aim of discovering diseases, especially tumors. A complementary sector to that of the Swiss giant's in vitro diagnostics. Shares of Roche Holding AG (ROG VX) fell 1.9 Swiss francs, or 1%, to 191.9 francs.
Before completing the Ventana operation, the Swiss group bought several companies in the same sector last year, but Ventana represents the most important step after the purchase of one of the most important German diagnostics companies 10 years ago. Il Sole 24 Ore of 23/01/2008 FINANCE AND MARKETS p. 44
