Ventana again responds in the negative to Roche's tender

TUSCON, Ariz. Ventana Medical Systems, Inc., the global leader in tissue-based cancer diagnostics, issued a statement that it again refused Roche’s hostile bid, the company said Thursday.

“This is now the third time that Roche has extended its offer, one which we have previously said is grossly inadequate and one that substantially all of our investors have rejected repeatedly,” the company wrote. “The 63,541 shares tendered to Roche represent only 0.187% of Ventana’s approximately 34 million outstanding shares. Ventana is worth significantly more than Roche is offering.”

Two weeks ago, Roche’s chief executive officer and chairman Franz Humer said he would not be raising the bid until the company agreed to negotiate.

Since June, Ventana has warned stockholders to not sell its shares to Roche, and has even attempted to block the buyout.

During Friday morning trading, shares of Ventana were $84.84.