A hearing on a motion for an injunction is now being held in the Delaware Chancery Court in the tug-of-war between Genentech and Roche, and one can watch the proceedings live online via www.courtroomview.com

Here is an article with background details on the dispute.

UPDATE: The court intimated at about 3:30pmEST that "at this early stage of the tender offer" it was unlikely that, based on what was before it so far, that there was a sufficient basis for it to enjoin the tender offer. In addition, the parties told the court that they would try to work out a resolution or provide additional details on "unclear facts" before the court could make a formal, final ruling.

 Supplement: Here is an article from the AmLaw Daily that picked-up this post.