You are incorrect. Read Roche's statement. The tender will be launched and a proxy fight will ensue. Roche is committed to doing this deal...one way or another. Theses guy are patient. Look at Genentech.
The market fully expects management to say no, but Roche is not planning to walk away, and the share price will not fall on that rejection. This is simply the first move in a LONG dance.
Thanks. I plan to get long here once it pulls back into the $40's. This is panic short covering.