Genentech rebuffs Roche

Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} US biotechnology company Genentech has urged shareholders to resist a move from Swiss-based global healthcare giant Roche to acquire 100 percent of its shares.   Roche has been the majority owner of Genentech since 1990 and now owns 55.9 percent of the companyÔÇÖs shares. Bidding to own Genentech outright, Roche has offered $86.50 per share in a deal worth $42 billion, but Genentech claims this undervalues the company.   "Genentech's strong projected financial performance implies a valuation substantially in excess of Roche's offer price," said Charles Sanders, chairman of the Genentech board's special committee, in a statement.   "We believe Genentech's exceptional management and team, including its world-renowned scientists, can create far more value for stockholders than Roche has offered."   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *