Roche holds 70.5% of Ventana shares after tender offer

8th February 2008, Comments 0 comments

Roche Holding AG said on Friday it has acquired 70.5% of shares in Ventana Medical Systems Inc, enough to force through a merger with the US-based maker of drug testing equipment without the approval of its remaining shareholders.

8 February 2008 

BASEL - Roche Holding AG said Friday it has acquired 70.5% of shares in Ventana Medical Systems Inc, enough to force through a merger with the US-based maker of drug testing equipment without the approval of its remaining shareholders.

Roche won the approval of Ventana's board in January after raising its offer per share by about 19% to US$89.50, valuing the American company at US$3.4 billion.

Roche said it would extend its offer to buy Ventana shares at that price until February 15.

"We are pleased that we have successfully completed this step in the transaction and look forward to welcoming Ventana to the Roche Group," Chief executive Franz Humer said.

Shares in Roche were down 0.2% at CHF192.80 in Zurich.

Shares in Ventana closed up 0.08% at US$89.40 in New York on Thursday.

[Copyright ap 2008]

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