Roche’s $3 billion offer to acquire the USA’s Ventana Medical Systems would not appear to be making much ground with the latter’s management as yet another tender offer deadline expired today (September 20).

Ventana has responded to Roche’s decision to extend yet again its unsolicited tender offer, this time to November 1, to acquire all the outstanding shares of the US diagnostics firm for $75 each in cash and it is not impressed. The board’s management said that "this is now the third time that Roche has extended its offer, one which we have previously said is grossly inadequate and one that substantially all of our investors have rejected repeatedly”.

“Ventana is worth significantly more than Roche is offering,” the board continued, adding that “we are continuing to build momentum in our core businesses and are increasingly well positioned to capitalise on the significant potential of the emerging field of companion diagnostics and personalised medicine”. The board once again recommends that stockholders “do not tender any of their shares to Roche”.

In June, Roche made its $75 per share offer for Ventana, which represented a 44% premium to the latter’s closing price on June 22, the last trading day before the Swiss firm’s first bid was announced. Ventana has repeatedly rejected the offer and shareholders would appear to be listening. Roche said approximately 63,500 shares have been tendered pursuant to the offer, but that is less than 0.2% of the 34 million shares Ventana says it has outstanding.