Shareholder Sues Roche, Genentech Over $43.7B Deal

Law360, New York (July 24, 2008, 12:00 AM EDT) -- A Genentech Inc. shareholder has sued to stop majority owner Roche Holding Inc. from executing its $43.7 billion bid to buy up Genentech's remaining shares on the grounds that the price is too low and that a Roche-Genentech deal is unlikely to be a fair one.

The proposed class action, filed Wednesday in the Delaware Court of Chancery, brings breach of fiduciary duty charges against Genentech, Roche, a Roche U.S. subsidiary and several Genentech directors, and demands a permanent injunction, the rescinding of any transaction, damages...
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