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.