Acquisition of Ventana to be Completed Today
BASEL, Switzerland, Feb. 19 /PRNewswire-FirstCall/ -- Roche (SWX: ROG.VX; RO.S; OTC: RHHBY) and Ventana Medical Systems Inc. (Nasdaq: VMSI) today announced that Roche has completed the tender offer for the outstanding shares of Ventana. As of the expiration of the subsequent offering period, Rocket Acquisition Corporation, a wholly-owned subsidiary of Roche, had purchased a total of approximately 34,545,323 shares of Ventana common stock, representing approximately 93.7% of Ventana's outstanding shares. All shares validly tendered in the offer have been accepted for payment, and the consideration for all such shares either has been paid or will promptly be paid.
Roche expects to complete the acquisition of Ventana today through a short-form merger, without a vote or meeting of Ventana's shareholders. In the merger, all of the shares of Ventana not owned by Roche and its subsidiaries (other than shares as to which appraisal rights are validly exercised) will be converted into the right to receive the same cash consideration that was paid in the tender offer. Following the merger, Ventana's common stock will cease to be traded on the NASDAQ Global Select Market.
"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. Incorporating Ventana will enhance our position as the world's leading, personalized healthcare company," commented Franz B. Humer, Chairman and CEO of Roche. "We are happy to officially welcome Ventana's employees to the Roche Group and will begin the integration of our businesses immediately."
Greenhill & Co. and Citi are acting as financial advisors to Roche and Davis Polk & Wardwell is acting as legal counsel.
Headquartered in Basel, Switzerland, Roche is one of the world's leading research-focused healthcare groups in the fields of pharmaceuticals and diagnostics. As the world's biggest biotech company and an innovator of products and services for the early detection, prevention, diagnosis and treatment of diseases, the Group contributes on a broad range of fronts to improving people's health and quality of life. Roche is the world leader in in-vitro diagnostics and drugs for cancer and transplantation, and is a market leader in virology. It is also active in other major therapeutic areas such as autoimmune diseases, inflammatory and metabolic disorders and diseases of the central nervous system. In 2007 sales by the Pharmaceuticals Division totaled 36.8 billion Swiss francs, and the Diagnostics Division posted sales of 9.3 billion francs. Roche has R&D agreements and strategic alliances with numerous partners, including majority ownership interests in Genentech and Chugai, and invested over 8 billion Swiss francs in R&D in 2007. Worldwide, the Group employs about 79,000 people.
Roche's Diagnostics Division offers a uniquely broad product portfolio and supplies a wide array of innovative testing products and services to researchers, physicians, patients, hospitals and laboratories world-wide.
Roche commenced operations in the U.S. over 100 years ago and these
operations include research and development centers that conduct
leading-edge work in advancing disease detection and treatment. Our
diagnostics and pharmaceuticals businesses in the U.S. employ more than
20,000 people and generate approximately $10 billion in sales (including
Genentech), accounting for about 40% of the Roche Group's global annual
For further information, please visit http://www.roche.com.
All trademarks used or mentioned in this release are protected by law.
- All documents on the offer to Ventana's shareholders:
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ADDITIONAL INFORMATION AND WHERE TO FIND IT
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL VENTANA'S COMMON STOCK. THE TENDER OFFER IS BEING MADE PURSUANT TO A TENDER OFFER STATEMENT ON SCHEDULE TO (INCLUDING THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND OTHER RELATED TENDER OFFER MATERIALS) FILED BY ROCHE WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") ON JUNE 27, 2007. THESE MATERIALS, AS THEY MAY BE AMENDED FROM TIME TO TIME, CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER, THAT SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. INVESTORS AND SHAREHOLDERS CAN OBTAIN A FREE COPY OF THESE MATERIALS AND OTHER DOCUMENTS FILED BY ROCHE WITH THE SEC AT THE WEBSITE MAINTAINED BY THE SEC AT http://WWW.SEC.GOV. THE TENDER OFFER MATERIALS MAY ALSO BE OBTAINED FOR FREE BY CONTACTING THE INFORMATION AGENT FOR THE TENDER OFFER, MACKENZIE PARTNERS AT (212) 929-5500 OR (800) 322-2885 (TOLL-FREE).
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