Notable Mergers and Acquisitions of the Day 7/21 (RHHBY/DNA, GDI, TTWO/ERTS)

July 21, 2008 9:32 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Roche (OTC: RHHBY) has proposed to acquire the outstanding publicly held interest in Genentech (NYSE: DNA) for US$89.00 per share in cash, or a total payment of approximately US$43.7 billion to equity holders of Genentech other than Roche. Roche acquired a majority in Genentech in 1990 and currently owns 55.9% of all outstanding shares.
  
  The transaction is expected to be accretive to Roche's earnings per share in the first year after closing. The combined company will generate substantial free cash flow that will enable it to reduce acquisition-related debt rapidly, invest in further product launches and retain strategic flexibility.
  
  
• Gardner Denver, Inc. (NYSE: GDI) has entered into separate share purchase agreements with the holders of 100 percent of the outstanding shares of CompAir Holdings Limited, a global manufacturer of compressed air and gas solutions. The acquisition places a total enterprise value of the business at approximately $395 million, to be paid through a combination of cash and the assumption of existing CompAir debt. The transaction is expected to close in the fourth quarter of 2008.
  
  
• Take-Two Interactive Software, Inc. (NASDAQ: TTWO) today responded to Electronic Arts Inc.'s (NASDAQ: ERTS) announcement that it is extending for a fifth time its unsolicited conditional tender offer to acquire all of Take-Two's outstanding shares.
  
  As reported by EA, only 11,741,339 of Take-Two's outstanding shares, or approximately 15% of the total, tendered into EA's offer as of 5:00 p.m. Eastern time on July 18, 2008.
  
  Take-Two's Chairman, Strauss Zelnick, said, "Take-Two's Board continues to be 100% committed to maximizing stockholder value and remains unanimous in continuing to recommend that our stockholders not tender their shares to EA. We are fully engaged in a formal process to evaluate strategic alternatives that have the potential to deliver greater value than EA's inadequate offer. As part of this process, we continue to engage in meaningful discussions with multiple parties, a number of whom have been conducting due diligence. We also remain absolutely focused on executing on our strategic and business objectives."

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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