Roche Completes Tender Offer for Ventana Shares
Acquisition of Ventana to be Completed Today
Roche (SWX: ROG.VX; RO.S; OTCQX; 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.
Cautionary Statement Regarding Forward-Looking Statements
This Document Contains Certain Forward-Looking Statements. These Forward-Looking Statements May Be Identified By Words Such As ‘Believes’, ‘Expects’, ‘Anticipates’, ‘Projects’, ‘Intends’, ‘Should’, ‘Seeks’, ‘Estimates’, ‘Future’ Or Similar Expressions Or By
Discussion Of, Among Other Things, Strategy, Goals, Plans Or Intentions. Various Factors May Cause Actual Results To Differ Materially In The Future From Those Reflected In Forward-Looking Statements Contained In This Document, Among Others: (1) Pricing And Product Initiatives Of Competitors; (2) Legislative And Regulatory Developments And Economic Conditions; (3) Delay Or Inability In Obtaining Regulatory Approvals Or Bringing Products To Market; (4) Fluctuations In Currency Exchange Rates And General Financial Market Conditions; (5) Uncertainties In The Discovery, Development Or Marketing Of New Products Or New Uses Of Existing Products, Including Without Limitation Negative Results Of Clinical Trials Or Research Projects, Unexpected Side-Effects Of Pipeline Or Marketed Products; (6) Increased Government Pricing Pressures; (7) Interruptions In Production; (8) Loss Of Or Inability To Obtain Adequate Protection For Intellectual Property Rights; (9) Litigation; (10) Loss Of Key Executives Or Other Employees; And (11) Adverse Publicity And News Coverage. The Statement Regarding Earnings Per Share Growth Is Not A Profit Forecast And Should Not Be Interpreted To Mean That Roche’s Earnings Or Earnings Per Share For Any Current Or Future Period Will Necessarily Match Or Exceed The Historical Published Earnings Or Earnings Per Share Of Roche.
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 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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