Small shareholders act against Genzyme bid
Headlines Boston Globe business section today. Maybe someone with better copy skill can run the entire article for the board, and also for the Biotech Value board.
The crux of this very disturbing news article is that Genz in league with Soros and assc. have defacto pirated a biotech company, Bioenvision. Bioenvision has a cancer drug, Clofarabine currently in use in childhood leukemia, but thought to hold greater promise in other malignancies. The stock has been in the 9 to 5 range in the last two years. Genz is offering 5.60 in the buyout which is essentialy a done deal.
There are some smelly things in this deal. Begining with two of the four Bioenvision board members working for Soros ( he owns the preferred stock and will make out). also disturbing the fact the stock tanked in april this year when the company sold 8 million shares at 3.75. This set the table for the lowball offer.
Small shareholders have banded together to fight this, it will be David vs GENZ.
The situation does point out our vulnerabilities in GTCB. The PPS action over the last eight days suggests to me someone is trying to hold the PPS down basically by selling into any buy orders. This was most apparent when the 150,000 to 180,000 buy block which sent the price to 1.23 was quickly covered.
Again this is only MHO.
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