With its $75-per-share buyout offer expiring today for a second time, Roche Holding has again extended its efforts to acquire the Tucson, Ariz.-based cancer diagnostic-equipment company Ventana Medical Systems.
According to documents that Roche has filed with the Securities and Exchange Commission, Ventana stockholders now have until 5 p.m. Eastern time on Nov. 1 to decide whether to sell their shares to the Swiss drugmaker. The company has offered a total of $3 billion to acquire Ventanas roughly 34 million outstanding shares. To date, only 63,541 shares, or less than 0.2%, have been tendered by stockholders.
Ventanas board continues to advise against the unsolicited offering, saying the suggested purchase price is too low. Shares of Ventana opened today at $83.17 on the Nasdaq exchange. -- by Shawn Rhea
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