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Genentech, Inc. (DNA) Announces Expiration of Hart-Scott-Rodino Waiting Period and Completes Acquisition of Tanox, Inc. (TNOX)


8/2/2007 11:21:45 AM

Genentech, Inc. (NYSE:DNA) announced that the waiting period under the Hart-Scott-Rodino Act has expired and it has completed the acquisition of Tanox, Inc. Tanox shareholders approved the merger agreement on January 15, 2007. Under the terms of the agreement, originally announced by Genentech and Tanox on November 9, 2006, Tanox stockholders are entitled to receive $20.00 in cash per share of common stock held at the closing, for a total cash value of approximately $919 million. These funds are being provided from Genentech’s cash on hand. As a result of the acquisition, shares of Tanox common stock are no longer being traded on the NASDAQ Global Market.

Read at BioSpace.com

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