Sanofi Ups The Pressure On Genzyme

It is not exactly a hostile bid, but French drug company Sanofi-aventis (NYSE:SNY) has certainly stepped up its efforts to acquire American rare disease drug specialist Genzyme (Nasdaq:GENZ). Over the weekend, Sanofi went public with an offer for Genzyme of $69 per share in cash. Nothing about this announcement was really a surprise; there had been ample talk of a deal for weeks at this price, but it does move the proceedings from plausible rumor to truth.   

An Opportunistic Bid for Genzyme 
Genzyme's formal response to Sanofi's offer was predictable, if a bit confrontational. Genzyme not only rejected the bid, but deemed it so low as not to be worthy of further discussion with Sanofi's management. Those sound like bold words from a management team that has not delivered much shareholder value over the last five years until this bid.  

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