Genzyme Shareholder Sues Over Sanofi Bid Rejection

Law360, New York (September 9, 2010, 4:13 PM EDT) -- A Genzyme Corp. investor has launched a putative class action alleging the company's rejection of Sanofi-Aventis SA's $18.5 billion offer to buy it has deprived Genzyme stockholders of the right to receive the maximum value for their shares.

Stockholder Bernard Malina claims that the company and its executives have failed to act in the best interest of investors in their decision to rebuff Sanofi's $69 per share takeover bid on Aug. 30 and in their refusal to enter into further negotiations with Sanofi, according to the...
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