Sanofi Keeps Pushing For Genzyme Acquisition
In a letter sent on Monday, French biotech firm Sanofi-Aventis accused Genzyme Corp. CEO Henri Termeer of taking actions to block a takeover of the company and called for reopening discussions of an acquisition.
Cambridge-based drug manufacturer Genzyme, which has significant operations in Central Massachusetts, has repeatedly rejected Sanofi's bid to purchase the company for an estimated $18.5 billion, which Termeer has said significantly undervalues Genzyme.
Sanofi CEO Christopher Viehbacher accused Termeer of threatening to invoke poison pill provisions, possibly extending the terms of directors of the company, and using state anti-takeover provisions to block the purchase. Poison pill provisions are designed to make hostile takeovers more difficult.
Viehbacher asks Termeer to allow shareholders to vote on the takeover out of "fairness" if he is unwilling to negotiate with Sanofi directly.
Genzyme reported a $68-million profit on $1 billion in revenues for the third quarter.
WBJ Web Partners
Most Recent
Most Recent
0 Comments