Sanofi extends £12bn offer for Genzyme by six weeks

first_imgMonday 13 December 2010 9:23 pm Tags: NULL Show Comments ▼ whatsapp KCS-content Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Sanofi extends £12bn offer for Genzyme by six weeks whatsapp SANOFI-Aventis has extended its snubbed $18.5bn (£12bn) cash bid for US biotech company Genzyme by six weeks, buying the French drugmaker time to persuade its reluctant target to talk.Only 0.9 per cent of shares were tendered by a Friday deadline, Sanofi said yesterday. Genzyme has rejected the $69 a share bid, arguing it should be higher as the company rectifies a manufacturing crisis and awaits results on its experimental Campath drug for multiple sclerosis.Sanofi chief executive Chris Viehbacher has said he would consider a higher offer if Genzyme provided a closer look at its business to justify more money.Genzyme chief executive Henri Termeer said the meagre response to Sanofi’s offer shows shareholders “strongly support the view of the board” that the bid substantially undervalues Genzyme. Genzyme’s top shareholders include activist investors Carl Icahn and Ralph Whitworth.Investors and analysts say an offer price of $75 per share to $80 per share would be more likely to attract shareholders, and the stock has traded above the offer, which Sanofi took hostile in October. Yesterday, Genzyme shares closed up 0.5 per cent to $70.30. last_img

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