More Mailbox Drama: Genetech Fights Roche's Buyout Offer

In a completely unsurprising move. Genetech just sent me a letter (to all stockholders - of which I have a glorious 1.5 shares of)

WE URGE YOU NOT TO ACCEPT ROCHE'S OFFER--WE BELIEVE IT SUBSTANTIALLY UNDERVALUES YOUR INVESTMENT

I could have told you that. Oh wait, I did. But it's nice to see they agree.

Genetech continues:

We consistently indicated our willingness to consider an offer from Roche that reflects the full and fair value of Genetech and the significant benefits to Roche of full ownership. It is ironic that even after our many efforts to engage in constructive dialog, Roche not only refused to increase its initial offer [of $89/share], and refused to engage in productive negotiations with the Special Committee--it reduced [italics mine] its offer price to $86.50 per share.

How stupid does Roche think we are? Jerks.