FTC INVESTIGATES ROCHE'S SYNTEX BID

The US Federal Trade Commission has called for additional information, under the Hart-Scott Rodino Antitrust Improvements Act, regarding the $5.3 billion/$24 per share bid for Syntex made by Roche Holdings last month (Marketletter May 9).

Both companies have said they are preparing the necessary information and will comply with the FTC request as expeditiously as practicable. The request extends the waiting period under the Hart-Scott-Rodino Act until 10 days following substantial compliance with the request by Roche, unless the waiting period is terminated before that by the FTC.

In light of the FTC's request, Roche Capital, the wholly-owned Roche subsidiary making the tender offer, has extended the expiration date for the offer until midnight July 1, and as a consequence of the extension, holders of Syntex common stock are entitled to tender or withdraw their shares pursuant to the tender offer until that time, unless the offer is further extended.