Sanofi goes hostile with Genzyme bid
By CNNMoney.com staffOctober 4, 2010: 4:39 AM ET
LONDON (CNNMoney.com) -- French drugmaker Sanofi-Aventis is going hostile with its $18.5 billion takeover bid for rival Genzyme, accusing Genzyme's board of refusing to engage in "meaningful discussions."
Sanofi (SNY) said Monday that its efforts to work with the board of Genzyme (GENZ, Fortune 500) have been "blocked at every turn" and that as a result, it was taking its all-cash offer of $69 a share directly to the shareholders of the U.S. biotech firm.
In a statement, Sanofi said the chief executives of both companies met on Sept. 20, but that the meeting was "unproductive."
Sanofi first sent Cambridge, Mass.-based Genzyme a letter offering to buy it for $69 a share in cash on July 29. The bid represented a 38% premium over Genzyme's closing price on July 1.
Sanofi went public with its offer in August after being rebuffed by Genzyme. The French company hinted at the time that it might consider a hostile takeover if Genzyme refused to participate in discussions.
