Genentech has made its first public move after Roche's $44 billion bid was announced on Tuesday. The biotech company says three of its independent directors have formed a committee to evaluate the offer, and Goldman Sachs has been brought in to advise the committee. Genentech said its Board would not go against the recommendations of the committee. Almost from the moment Roche made the bid analysts have been saying that $44 billion is not high enough.
Charles Sanders, the chairman of the special committee, said, "The special committee intends to proceed in a timely manner to review the Roche proposal, which was both unsolicited and unexpected. The outcome of this process has not been pre-determined, and there can be no assurance that the special committee will approve any transaction with Roche."
- see Genentech's release