A Bloomberg report via Fierce Biotech indicates that Sanofi has upped its offer to Genzyme to $70/share from $69 but is not inclined to go higher. This is according to the famous "inside source". Sanofi is rumored to be ready to walk away if Genzyme does not become more serious about this offer. As widely reported, Genzyme insiders are seeking an offer at or north of $80/share. Sanofi is said to be calling their bluff with the Genzyme stock currently trading at $66 and with prospects of a deeper drop should Sanofi pick up its toys and go elsewhere to play.
Here's an article from HBR that promotes wisdom of having a firm walk away price.
Posted by Bruce Lehr August 25th 2010.