From Seeking Alpha, a large Genzyme shareholder is filing suit to block its potential acquisition by Sanofi at the price that has been publicly published - i.e. $69/share or approximately $18.4 billion. This offer has never been confirmed publicly by either company but has surfaced [correctly or not] in the press. The suit seeks class action status and charges that the Genzyme board would be failing in its fiduciary responsibility by taking the "low ball" offer.
Posted by Bruce Lehr August 23rd 2010.
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