Not withstanding current market conditions, the special committee continues to believe that $89.00 substantially undervalues the company. The special committee is disappointed that Roche has taken this unilateral and opportunistic step in an attempt to take advantage of current market conditions. The special committee has been working diligently toward one goal: assuring full, fair value for all of Genentech's minority shareholders. The special committee has been actively engaged with Roche to assist Roche in making a proposal that recognizes the value of the company and reflects the significant benefits that would accrue to Roche as a result of full ownership.
Unilateral? Opportunistic? Disappointed? Them's corporate fightin' words!
Over their 20-year history, these two companies have run hot and cold, but it's looking more and more like this hostile bid, unveiled when everyone's already grouchy and freaked out about the state of the world, might be the
end of a long and beautiful friendship.
- Alex Lash
Genentech Inc. urged shareholders Friday afternoon to "take no action"
regarding Roche Holding AG's hostile bid. Here's the statement from Charles
Sanders, the head of the special committee of directors that's been
negotiating with Roche: 
