Roche rebuffed by Genentech

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* 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;} Swiss-based global healthcare giant Roche is encountering resistance from US biotechnology company Genentech in its bid to acquire 100 percent of the latterÔÇÖs shares.   Roche has been the majority owner of Genentech since 1990 and now owns 55.9 percent of its 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 *