Genentech Shareholders File Suit: Four Genentech Inc....
From Times Staff and Wire Service Reports
Genentech Shareholders File Suit: Four Genentech Inc. shareholders have filed suit in Delaware Chancery Court to block the sale of a 60% stake in the firm to Roche Holding Co., according to Federal Filings Inc. The report said the holders contend that the sale of new shares to Roche would severely dilute the holdings of current holders. They also claim that the $2.1-billion deal is a change of control of the company, which obligates the Genentech board to conduct an auction. The South San Francisco-based biotechnology concern said it had not seen the suit.
