Reported by: Eric, CRWE Newswire Middle East correspondent
Sanofi Aventis discloses its bid of $18.5 billion bid for acquisition American Biotechnology Firm Genzyme. Sanofi Aventis first contacted Genzyme in month July and started discussion for a friendly takeover of Genzyme by Sanofi but Genzyme showed less interest and under process. Negotiations were halted.
Sanofi’s chief executive offer Christopher A Viehbacher says in a letter to Genzyme CEO Henri Termeer, “We are disappointed that you rejected our proposal on August 11 without discussing its substance with us, our financial advisors finally met briefly on August 24, but the meeting simply served as further confirmation that as throughout you remain unwilling to have constructive discussions.”
As for the latest bid Sanofi offers to pay $69 cash for each share of Genzyme which shows premium of 38 percent over Genzyme’s share price before the gossips and speculation of possible takeover started in the stock market.
Many believe that Henri Termeer has asked for a higher bid from Sanofi Aventis to continue any further negotiations.
Genzyme Corporation (NASDAQ: GENZ) trading at $69.88 while total volume stands at 1.10 million shares on today’s trading session.
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Disclosure: GENZ; YHOO