AZBIZ.COM

Roche seeks to unseat
Ventana Medical board


Published on Friday, December 07, 2007



Swiss-based drug manufacturer Roche has given notice it intends to nominate candidates to replace Ventana Medical Systems entire nine-member board of directors at its 2008 stockholders meeting to be held in June.

Ventana Medical’s bylaws require written notice of proposed stockholder nominations for the election of directors at the next meeting be received no later than Dec. 7.

On June 27, Roche launched a $3 billion hostile takeover effort of Oro Valley-based Ventana Medical, whose board of directors has steadfastly recommended against shareholders accepting the $75 per share deal as under-valued. Roche has extended its offer four times, with the current set to expire Jan. 17.

Ventana Medical has agreed to open its books to allow due diliegence, which Roche says it has done to a limited degree.