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Roche/Syntex

Executive Summary

Roche extends tender offer for Syntax shares to Aug. 3 "to provide time to comply with the request for additional information made by the U.S. Federal Trade Commission." This is the second extension of the $5.3 bil. acquisition offer. Roche said 130 mil. shares have been tendered -- enough to complete the acquisition. Shareholders, however, are allowed to withdraw their shares as long as the offer is open
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