Genentech panel to assess offer
From Times Staff and Wire Reports
Genentech Inc. said it had formed a special three-member board committee to assess Roche Holding Ltd.’s $89-a-share takeover bid.
The bid announced Monday by Roche, which owns 56% of South San Francisco-based Genentech, was “unsolicited and unexpected,” said Charles Sanders, the panel’s chairman.
“The outcome of this process has not been predetermined, and there can be no assurance that the special committee will approve any transaction with Roche,” Sanders said.
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