Genentech rallies shareholders against lower buyout offer
This article was originally published in Scrip
Executive Summary
Genentech has urged its shareholders to ignore Roche's $42.5 billion hostile buyout bid, stating that the offer "substantially undervalues" the company. Roche submitted a lowered $86.50 per share offer directly to Genentech's shareholders last week, even though the biotech rejected Roche's original $89 per share in August.