As reported in the WSJ and in Fierce Biotech, Genzyme is balking at the price that has been offered by Sanofi to acquire it. Sanofi cannot begin any due diligence into the proposed deal until the two sides have agreed on a starting price that is acceptable to Genzyme's board and shareholders. A
As noted yesterday, at least one Genzyme shareholder has already filed suit to try to block any sale from occurring at a perceived "low price" - if an $18.4 billion offer can be construed as low. Genzyme wants to see the offer at a figure a lot closer to $80 per share - up considerably from the current $69 per share. It's current stock price is running at $68 per share.
Posted by Bruce Lehr August 24th 2010.