Roche completes tender offer for Ventana
19 February 2008 00:00 in Medical Company Restructures
Roche has announced that it has completed the tender offer for the outstanding shares in Ventana Medical Systems.
At the expiration of the offering period, Roche subsidiary Rocket acquisition has purchased 34,545,323 shares of the common stock in Ventana, equal to around 93.7 per cent of the outstanding shares in the firm
Roche reports that all shares tendered validly in the offer have been accepted for payment and the consideration has either been paid or will promptly be paid.
The company forecasts that the acquisition of Ventana will be completed imminently through a short-form merger, without a vote or meeting of shareholders in Ventana, with all shares not owned by Roche or its subsidiaries converted into the right to receive the same sum paid in the tender offer.
Franz B Humer, chairman and chief executive officer of Roche, said: "This is a truly exciting day for Roche. Ventana broadens Roche's diagnostic offerings and complements Roche's strong existing position in in-vitro diagnostic systems."
He added that the incorporation of Ventana into Roche will boost its position as a leading personalised healthcare company, with this integration to begin immediately.
Last month, Roche reported that its business has continued to show "healthy growth", with its merger with Ventana further boosting its position in the medical diagnostics market.
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Story collated for Zenopa by the Adfero News Agency