Shares of Ventana Medical Systems surged this morning after investors reacted to Roche's $3 billion hostile takeover bid. Roche's $75 per share offer reflected a 44 percent premium on Ventana stock. It also represented another ambitious step into diagnostics work for Roche. The pharma giant has acquired 454 Life Sciences, Bioveris and Nimblegen in the last few months and says it may make other acquisitions in the same space. Roche says it made a number of friendly overtures to Ventana's board, but was rejected each time. Maybe saying "no" was just the right approach to fixing a higher price.
- check out the AFX report
- and here's the report from TheStreet