In an unhappy reminder of January 2008, deals continue to collapse or see reductions in price. After the trouble at Rohm & Haas (ROH), the acquisition of Genentech (DNA) by Roche is another large deal officially on the list of downward revisions in price. On Friday, Roche (RHHBY.PK) announced it would take a $86.50 per share tender offer directly to shareholders, down from a $89/share proposal back in July. In the meantime, Genentech traded as high as $99.14 in anticipation of an increase in what was seen at the time as a lowball bid. Genentech’s board rejected the $89 bid as inadequate. Read the rest of this entry »
After struggling for several weeks to get shareholders to vote in favor of a buyout by Integra LifeSciences (ticker IART), orthobiologics company IsoTis (ticker: ISOT) conceded partial defeat last Friday by postponing its meeting for 10 days to solicit additional votes. The trouble at IsoTis started in February this year when the FDA put approval of IsoTis’ Accell products on hold.