Genzyme rejected Sanofi-Aventis' $18.5 billion buyout offer, the New York Times reports. In a letter to Sanofi's Christopher Viehbacher, Genzyme chief executive Henri Termeer says that the $69-a-share offer "provides no new information and no improvement in price, and therefore fails to establish a basis for engagement by the Genzyme board." The Genzyme board, Agence-France Presse notes, had turned down an offer earlier this month, too. "The 'bear hug' letter left open the possibility of discussions between company executives and is typically considered a less aggressive step than going hostile," the Wall Street Journal says, but adds that Sanofi says it is "prepared to consider all alternatives to successfully complete this transaction."
Aug 30, 2010