Roche announced that its wholly-owned subsidiary, Roche Investments USA Inc, completed its tender offer for the publicly held shares of Genentech. The offer expired at midnight, New York City time, at the end of Wednesday, March 25. A total of approximately 395.7 million shares of Genentech common stock were tendered representing 84.7 per cent of Genentech's publicly held shares. Roche Investments USA Inc. has accepted for payment all shares validly tendered pursuant to its tender offer.
Together with the 55.7 per cent of the outstanding shares that Roche held, it now holds a total of approximately 982.9 million or 93.2 per cent of the 1,054,555,886 Genentech shares outstanding. In addition, a further 3.0 per cent of Genentech's outstanding shares were guaranteed to be delivered within the next three business days which, if added to the shares already received in the tender offer and Roche's existing stake, would represent approximately 96.2 per cent of Genentech's total outstanding shares. Public shareholders who have tendered their shares will promptly receive $95.00 per share for their shares.
Pursuant to the merger agreement between Roche and Genentech, as soon as practicable Roche will cause a short-form merger under Delaware law in which Genentech will become a wholly-owned member of the Roche Group, and all remaining public shareholders will, subject to appraisal rights, receive $95.00 per share for their shares. Following the merger, Genentech's common stock will cease to be traded on the New York Stock Exchange.
Founded more than 30 years ago, Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes medicines to treat patients with significant unmet medical needs.