Standoff in Roche's $3 bln Ventana bid

By Sam Cage

NEW YORK (Reuters) - Neither side is ready to budge in Roche Holding AG's (ROG.VX: Quote, Profile, Research, Stock Buzz) $3 billion hostile bid for Ventana Medical Systems Inc VMSI.O and the two firms have still not discussed the offer, their chief executives said.

Roche is not willing to pay more than its current offer of $75 per share and has other potential acquisition targets than Ventana, Chief Executive Franz Humer told the Reuters Health Summit in New York on Monday.

But Ventana's CEO Christopher Gleeson maintained the $75 bid was a "non-starter," telling the Reuters Health Summit that his company would only be interested in a deal at a significantly higher price, without specifying a figure.

Humer said Roche was patient and could wait for a deal if necessary -- and could even consider other acquisition targets if a deal for Ventana could not be worked out.

"There are always alternatives. The principle I have in life is there is never the last bride," Humer said. "Let's be patient on these things. Life is long. And the company (Ventana) is well managed."

LEAVING A BAD TASTE

Roche last month extended its offer for a fourth time, but Ventana maintains the current bid undervalues its business and recommends shareholders not tender any of their stock to Roche.

The Swiss company is particularly interested in Ventana because it makes diagnostics tests which could speed up detection and profiling of cancer and enhance use of targeted therapies, such as Roche's blockbuster drug Herceptin.  Continued...