TUCSON, Ariz. Roche Holding AG will again extend its tender offer for Ventana Medical Systems, according to the Associated Press.
The bid, which is valued at $3 billion is now set to expire Nov. 1, instead of today. Ventana shareholders have not been in favor of the offer since it was announced back in June. The reason why the two sides cannot agree is because of the valuation of the company. Roche has offered to buy all of Ventana’s outstanding shares for $75 per share. The stock of the company, however, was up to $83.68 as of Wednesday.
Yesterday, Roche said about 63,451 shares have been tendered pursuant to the offer. That is only a small number compared to the 34 million shares Ventana says that it has outstanding.