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Genzyme rejects Sanofi's bid again
Source: Agencies |
August 31, 2010, Tuesday
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GENZYME Corp rejected a US$18.5 billion takeover offer from French drug maker Sanofi-Aventis, saying it dramatically undervalues the company.
The Cambridge, Massachusetts-based biotechnology company said its board of directors met late Sunday and unanimously affirmed a previous rejection of Sanofi's proposal.
In a letter to Sanofi's chief executive, Chris Viehbacher, Genzyme said the French firm's proposal to acquire Genzyme for US$69 a share is the same as an offer it made last month.
"It provides no new information and no improvement in price, and therefore fails to establish a basis for engagement by the Genzyme board," Genzyme said.
Genzyme said that in its first response letter to Sanofi, dated July 29, the board said it was not the right time to sell the company "because your opportunistic takeover proposal does not begin to recognize the significant progress underway to rectify our manufacturing challenges or the potential for our new-product pipeline."
Genzyme said in its latest letter to Sanofi, "Our board met last evening in response to your second letter and unanimously confirmed those views."
The Cambridge, Massachusetts-based biotechnology company said its board of directors met late Sunday and unanimously affirmed a previous rejection of Sanofi's proposal.
In a letter to Sanofi's chief executive, Chris Viehbacher, Genzyme said the French firm's proposal to acquire Genzyme for US$69 a share is the same as an offer it made last month.
"It provides no new information and no improvement in price, and therefore fails to establish a basis for engagement by the Genzyme board," Genzyme said.
Genzyme said that in its first response letter to Sanofi, dated July 29, the board said it was not the right time to sell the company "because your opportunistic takeover proposal does not begin to recognize the significant progress underway to rectify our manufacturing challenges or the potential for our new-product pipeline."
Genzyme said in its latest letter to Sanofi, "Our board met last evening in response to your second letter and unanimously confirmed those views."
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