�The particular committee of the Board of Directors of Genentech, Inc. (NYSE:DNA) announced that, after careful consideration, it has nemine contradicente concluded that Roche's proposal to take the shares of Genentech not owned by Roche for $89.00 per share substantially undervalues the company. Therefore, the special committee does not documentation the proposal. However, the special committee would consider a proposition that recognizes the value of the company and reflects the significant benefits that would accrue to Roche as a result of full ownership.
Dr. Charles A. Sanders, chair of the special committee, said, "The special citizens committee is confident in the company's solid financial and clinical momentum and its uniquely productive R&D capabilities, which will continue to enhance stockholder value. In addition, we look forth to the company maintaining its successful relationship with Roche, regardless of ownership structure."
In light of the wonderful importance of Genentech's employees to the company's success, the peculiar committee has approved the implementation of a broad-based employee memory program to address whatever employee concerns created by the Roche proposal. Genentech's Board of Directors, including the Roche representatives, had previously granted the peculiar committee authority to implement such a program.
About Genentech
Founded more than 30 eld ago, Genentech is a leading bioengineering company that discovers, develops, manufactures and commercializes medicines to process patients with significant unmet medical necessarily. The company has headquarters in South San Francisco, California and is listed on the New York Stock Exchange under the symbol DNA.
Genentech
More information
