Sanofi-Aventis Keeps Genzyme Offer at $69 Per Share
From Benzinga (September 27, 2010)
French pharmaceuticals giant Sanofi-Aventis (NYSE: SNY) is maintaining an offer of $69 per share for biotech firm Genzyme (Nasdaq: GENZ), countering rumors that the company had secured additional financing.
Sanofi refused to comment on a Wall Street Journal report that said the company had secured more financing from Bank of America (NYSE: BAC) and Citigroup (NYSE: C).
Sanofi has said it already has financing from J.P. Morgan Chase (NYSE: JPM), BNP Paribas SA and Societe Generale SA, according to Reuters.
Genzyme rejected Sanofi's $69-a-share offer in August. There has
been speculation that Sanofi would need to bump its offer for
Genzyme to at least $75 a share while some Genzyme investors
reportedly want to see an offer of $80 per share.
Posted: September 2010