2/24/2009

A three-member committee of Genentech directors unanimously recommended that shareholders reject Roche's $42 billion buyout bid, saying the offer "substantially undervalues" the biotech company. "We are disappointed that Roche has chosen not to consider an appropriate price range for Genentech's minority shares or to constructively negotiate with our committee, and we must recommend that stockholders not tender their shares as a result," they wrote in a statement.

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