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Genzyme Board Rejects Sanofi Bid

August 30, 2010
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The board of directors at U.S. biotechnology firm Genzyme has unanimously rejected an 18.5-billion-dollar takeover offer from French pharmaceutical giant Sanofi-Aventis, reports the Associated Foreign Press. A letter to Sanofi management, signed by Genzyme chief executive Henri Termeer, recalled that the board had turned down an earlier offer on August 11. The latest proposal, it said, "provides no new information and no improvement in price and therefore fails to establish a basis for engagement by the Genzyme board." It added that the board was "not prepared to engage in merger negotiations with Sanofi based upon an opportunistic proposal with an unrealistic starting price that dramatically undervalues our company." Sanofi-Aventis unveiled its latest 18.5-billion-dollar offer for Genzyme on Sunday, hinting it might launch a hostile bid if the offer was turned down.

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