Roche/Genentech

Roche’s $44bn bid for biotech company Genentech doesn’t have the typical deal DNA. The Swiss pharmaceutical giant on Monday offered $89 a share, a 9% premium over Friday’s close, to buy out the minority shareholders in the San Francisco-based firm. But it can, ultimately, force a deal even if Genentech’s minorities don’t agree. Still, there are elements of control at stake. The independent directors should be able to talk Roche into a higher price. Even if a deal were initially blocked, Roche w...