Issue Date: March 2, 2009
Genentech And CV Play Hardball
Genentech has told shareholders to reject Roche's $42 billion bid for the 44% of Genentech that Roche does not already own. Last month, Roche lowered its offer from $89.00 per share to $86.50, a price that Genentech says "substantially undervalues" the company. In a separate move, CV Therapeutics' board of directors has rejected a $1 billion takeover offer from the Japanese drug firm Astellas Pharma. CV says the price is too low and that it has its own plan to increase shareholder value.
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