Law Firm Planner - Legal News - Genzyme board rejects Sanofi $69-a-share offer
Law Firm News
Today's Date: Bookmark This Website
Genzyme board rejects Sanofi $69-a-share offer
Topics | 2010/10/07 10:37
pBiotech firm Genzyme Corp. on Thursday said its board of directors has rejected Sanofi-Aventis SA's $69 per share offer and has recommended that Genzyme shareholders do not sell their shares to the French drugmaker./ppGenzyme, based in Cambridge, Mass., said its board voted unanimously to reject the unsolicited offer./ppThe move comes three days after Sanofi-Aventis, the world's fourth-biggest drugmaker, initiated a hostile takeover attempt for Genzyme, escalating a three-month battle to acquire the maker of lucrative drugs for rare genetic disorders./ppSanofi, based in Paris, initially made the $69 offer privately in July, then repeated it publicly in late August, but was rebuffed by Sanofi's board twice./ppAs before, Genzyme said Thursday that the $69 price was too low./ppSanofi-Aventis spokesman Jack Cox said he could not immediately comment on the Genzyme announcement./ppGenzyme shares jumped late in the day, rising 61 cents to $72.36 a share in regular trading, as traders apparently expected that Sanofi would be forced to raise its offer. In after-hours trading, shares jumped another 64 cents, to $73./ppIn a press release, Genzyme said the price is inadequate and opportunistic, substantially undervalues the company, fails to recognize the company's plan to increase shareholder value, and is not in the best interests of Genzyme or its shareholders.

[PREV] [1] ..[1424][1425][1426][1427][1428][1429][1430][1431][1432].. [2020] [NEXT]
Law Firm News
Headline News
Law Center
Court Watch
Legal Interview
Lawyer News
Legal Focuses
Firm News
Supreme Court rejects anti-a..
Michigan Democrats back Ness..
Court: Man can't be retried ..
Question of sales tax on onl..
Clicking 'checkout' could co..
Zuckerberg Flubs Details of ..
Facebook to stop spending ag..
Singer Cliff Richard's case ..
Russian court blocks popular..
Court: Teen accused in schoo..
North Carolina court allows ..
Retailers hope for certainty..
Ohio court to decide if ex-p..
Court to decide if drug use ..
Lawyer tells Australian cour..

   Lawyer & Law Firm List
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
New Rochelle Oil and Gas Industry Law Firm
Canton Family Lawyer
Canton Divorce Lawyer
Philadelphia Employment Lawyer
Attorney Marc E. Weinstein
© Law Firm Planner. All rights reserved. - Legal News and Articles on Recent US Legal Developments.

The content contained on the web site has been prepared by Law Firm Planner Media as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Legal Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Law Firm Website Design by Best Lawyer Website Design- Attorney Web Design That Works