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Roche/Syntex

This article was originally published in The Tan Sheet

Executive Summary

Tender offer deadline for Hoffmann La Roche's $24-per-share acquisition of Syntex is being extended -- from Aug. 24 to Aug. 31 -- while the Federal Trade Commission continues to investigate the proposed deal. Roche said Aug. 24 that it "expects that the investigation will be resolved" by Aug. 31 but can offer no assurances. Any further extensions of the tender offer will each be in one-week increments. According to the latest count, approximately 127 mil. shares of Syntex stock have been tendered. The definitive agreement between Roche and Syntex was announced May 2 and valued at about $5.3 bil. ("The Tan Sheet" May 16, p. 12). FTC made its first request for additional information dune 6 under the waiting period terms of the Hart- Scott-Rodino Act

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