TUSCON, Ariz. Roche Holding’s acquisition of a major medical diagnostic company has come to a standstill until negotiations arise, its chief executive officer announced Friday.
Roche, which has been trying to acquire Ventana Medical Systems for the past three months, refuses to raise its $3 billion hostile bid, and said it will wait until the company is open for negotiation.
"I’m sure they will come around and see the attractiveness of our offer," said Franz Humer, chief executive officer and chairman of Roche.
Ventana, which boasts itself as being the global leader in tissue-based cancer diagnostics, claims Roche’s $75 per share offer is too low.
The acquisition, it seems, has been fought against since the beginning. Since Roche offered Ventana the bid in late June, Ventana released a statement to its shareholders stating that "not only is the offer significantly below our current market price, it does not even come close to reflecting the intrinsic value of the company, [and] its strong growth prospects in an accelerating market."
Additionally, the company attempted to block the buyout with an anti-takeover law, but a federal judge imposed a preliminary injunction, which led Roche closer to attaining Ventana. Shares of Ventana have jumped since the bid announcement by approximately $30. On Friday, they closed at $83.02.