Roche to force through Ventana merger
Pharmaceuticals maker Roche Holding AG said on Tuesday it is poised to complete its acquisition of Ventana Medical Systems Inc.
By Agencies |
BASEL: Pharmaceuticals maker Roche Holding AG said on Tuesday it is poised to complete its acquisition of Ventana Medical Systems Inc.
Basel-based Roche said it has acquired 93.7 per cent of Ventana shares and expects to force through a merger with the US based maker of drug testing equipment without the approval of the remaining shareholders.
Roche won approval for the deal from Ventana's board in January after raising its offer per share by about 19 percent to $89.50, valuing the American company at $3.4 billion (euro2.35 billion).
``We are happy to officially welcome Ventana's employees to the Roche Group and will begin the integration of our businesses immediately,'' Chief Executive Franz Humer said.
Ventana, which has 800 employees and achieved sales of $238.2 million (euro164.5 million) in 2006, will keep its headquarters in Tucson, Arizona. The company develops and sells instruments and chemicals used to automatically prepare tissue samples for cancer screening and the testing of new drugs.
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