Sanofi-Aventis bid for Genzyme gets really hostile
This article was originally published in Scrip
Executive Summary
Sanofi-Aventis's hostile bid for Genzyme is in danger of descending into a French farce. Two days after Sanofi-Aventis decided to take its bid directly to shareholders, Genzyme filed with the SEC all its interactions relating to the approach in a bid to explain why it is calling on shareholders to reject the French bid. Controversially, Genzyme claims that Sanofi-Aventis may be willing to pay up to $80 a share, while the French company denies this and reiterates its $69 a share offer.