Selling the $89/Share Offer Meantime, Roche executives met with investors and analysts Tuesday in New York to further explain the rationale for taking Genentech private and to defend their $89-a-share offer. Roche executives were to meet with Genentech management, including CEO Art Levinson, on Tuesday night. The consensus appears to be that Roche will have to raise the offer to make the deal work. "Minority shareholders want to be treated fairly; $89 a share is not fair value," says Jennison's Chan, who believes a triple-digit offer would be much more palatable. "This process could drag on for a long time, and if that happens, there will be lawsuits and Genentech people will leave and Roche will end up destroying Genentech's value. I think Roche knows this so it will make a higher offer," he says. Rodman's King has an even better idea: Levinson rallies private equity buddies, including early Genentech funder and venture capitalist extraordinaire Tom Perkins, to raise money enabling Genentech to make its own hostile bid for Roche or otherwise buy itself out. Says King: "If I were Levinson, I'd get in the face of Roche Chairman Franz Humer and tell him, 'You don't buy us, we'll buy you, punk.'"