70X Return Not Enough! Spark Therapeutics Shareholders Not Wanting to Sell to Roche

Genetic Engineering & Biotechnology News reports Spark Therapeutics shareholders are holding back and not agreeing to sell in sufficient numbers.  Hence Roche has made a second offer. Apparently, the $4.8 billion wasn’t sufficient for Spark shareholders.  At present, only 26.1% of the outstanding shares have been validly tendered and received.  Roche needs 50%. They’ve offered  $114.50 per share in cash—a 122% premium over Spark’s closing price on February 22, 2019. Roche extended the deadline to May 2, 2019.  The core issue of course is valuation. It would appear a majority believe they could command a materially higher share price.  At least one lawsuit has been filed.  At a projected $64 million in annual revenues they are being valued by Roche at approximately 70%–a staggeringly high return.