Roche's Race for Genentech is On

Feb.10.09 | About: Roche Holding (RHHBY)

Well, so much for that "no deadline" statement from Roche (OTCQX:RHHBY) the other day. It turns out that the tender offer for Genentech (Private:DNA) shares expires on March 12 - and if you want to read the whole thing, you can find it here (pdf file). That link is thanks to the Wall Street Journal's Health Blog, where it's pointed out that the two companies seem to be disagreeing over Genentech's value (no surprise!) and on the financial assumptions that have been made along the way.

Genentech says that they'll make a recommendation within a few days - odds are that they'll tell their shareholders to sit tight, and in that case, the race is on. Will Roche raise their offer? The market certainly thinks so, with DNA closing Monday below 83...