Sanofi Takes $18.5B Bid To Genzyme Shareholders

Law360, New York (October 4, 2010, 7:11 PM EDT) -- Sanofi-Aventis SA on Monday took an $18.5 billion bid for Genzyme Corp. directly to the biotech company's shareholders after being rebuffed by the board, offering $69 per share as long as Sanofi ends up with a more than 51 percent stake.

The terms of the proposed buyout are essentially the same as the deal that was rejected by Genzyme's board at the end of August. In rejecting the initial public bid, Genzyme CEO Henri Termeer said that the offer failed to credit the company's recovery from...
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