Sanofi Hints At Hostile Bid After Genzyme Rejects Offer

Law360, New York (August 30, 2010, 1:53 PM EDT) -- Sanofi-Aventis hinted at a hostile takeover Monday after biotechnology company Genzyme Corp. rejected its offer to buy it for $69 a share, or about $18.5 billion, saying the offer failed “to establish a basis for engagement" because it was not high enough.

"The Genzyme board is not prepared to engage in merger negotiations with Sanofi based upon an opportunistic proposal with an unrealistic starting price," Genzyme CEO Henri A. Termeer said Monday in a chilly letter to Sanofi-Aventis CEO Christopher Viehbacher.

Viehbacher said in a conference...
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