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] ..[1376][1377][1378][1379][1380][1381][1382][1383][1384].. [1972] [NEXT]
Law Firm News
Headline News
Law Center
Court Watch
Legal Interview
Lawyer News
Legal Focuses
Firm News
Maldives court delays reinst..
Inmate in landmark Supreme C..
GOP to take new congressiona..
Afghans submitted 1.17 milli..
Specialist prosecutor for Ko..
Beleaguered gunmaker Remingt..
Court: Idaho nuclear waste d..
Kushner firm seeks court cha..
Wisconsin Supreme Court prim..
Supreme Court blocks some re..
Court allows Pennsylvania to..
Greek court postpones decisi..
Prosecutor asks for prison t..
Court: Lawsuit alleging coer..
Samsung heir freed after app..

   Lawyer & Law Firm List
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
© 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