Roche increases per-share offer price for Genentech to $93 in effort to close deal

By Lisa Kerner

Charlotte, N.C., March 6 - Roche Holding AG increased its offer price for all outstanding publicly held shares of Genentech, Inc. to $93.00 per share from $86.50.

The company also extended its offer for Genentech to midnight ET on March 20 from March 12.

"Based on conversations with Genentech shareholders, we believe that there is a strong sentiment to bring this process to a conclusion," Roche chairman Franz B. Humer said in a company news release.

"As a result, we are increasing our price to $93.00 per share to maximize shareholder participation and will proceed quickly to complete all necessary financing."

Genentech's special committee of its board of directors urged shareholders not to take any action regarding the revised offer.

Roche said that approximately 500,000 shares of Genentech have been tendered as of the close of business on Thursday.

As previously reported, Genentech's special committee unanimously recommended that shareholders not tender their shares in $86.50-per-share offer, which began on Feb. 9.

Roche, a 55.8% stockholder, proposed acquiring Genentech in July 2008 for $89.00 per share, an offer the South San Francisco, Calif., biotechnology company also rejected.

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