Roche upped bid still gets Genentech's "no"

The latest round in Roche's hostile bidding to get full control of the US biotechnology giant Genentech saw the Swiss firm increase its  rejected offer of $86.50 a share (Marketletter March 2) to $93.00,  valuing the 44.2% of group it does not already own at around $45.7  billion.

Announcing the move, Franz Humer, chairman of the Roche Group, said:  "based on conversations with Genentech shareholders, we believe that  there is a strong sentiment to bring this process to a conclusion. As a  result, we are increasing our price to $93 per share to maximize  shareholder participation and will proceed quickly to complete all  necessary financing. We now look forward to successfully completing the  transaction."

As of the close of business on March 5, 2009, around 500,000 shares have  been tendered pursuant to the offer.