The latest according to Bloomberg is that Genzyme board want Sanofi to increase its offer to $75 per share or about $19.1 B to induce it to come to the bargaining table. Supposedly, Icahn and his board allies are lobbying for a sales but want to see the $75 offer price to engage in talks.
Sanofi, for its part, says it wants to engage in friendly talks with "someone from the company". Sanofi claims that its purchase overture at $69 per share has gone unanswered -- no other offers have been made by the company. Sanofi has indicated that it is willing to pay more IF it can get someone to the negotiating table.
A Leerink Swann & Co analyst projects a 90% chance of a sales being completed within 6 months at a target price of $80 per share. If the deal falls through, the same analyst expects the stock price to drop to the high 50's per share.
Posted by Bruce Lehr September 9th 2010.
Derek Low In the Pipeline says this morning (Sept 10th) that Sanofi has never waivered from its offer of $69 per share. Reports of an increased offer are wrong.
http://pipeline.corante.com/archives/2010/09/10/sanofiaventis_its_69share_and_thats_where_it_stays.php
Posted by: bigredbruce | 09/10/2010 at 09:10 AM
Fierce Biotech article on same story
http://www.fiercebiotech.com/story/sanofi-chief-looks-support-among-genzyme-investors/2010-09-08
Posted by: bigredbruce | 09/09/2010 at 01:23 PM