Last week, Chris Viehbacher, CEO Sanofi, indicated that they plan to stay patient in their pursuit of Genzyme. Apparently, that doesn't mean they'll stay passive. Today, Sanofi indicated it will go directly to Genzyme shareholders with its $69/share bid (approx. $18.5 B offer) to acquire the company.
Viehbacher decried Genzyme CEO Henri Termeer's refusal to come to the bargaining table for meaningful discussions. He indicated that significant numbers of Genzyme's shareholders whom he has contacted are "supportive of our initiative and, like us, are frustrated with your refusal to have meaningful discussions.." Viehbacher further went on that Termeer is denying his "shareholders an opportunity...to realize immediate liquidity and to protect against [Genzyme business] risks".
In a final flourish, Viehbacher wrote to Termeer "Given your unwillingness to engage in constructive discussions with us, we had no choice but to commence a tender offer."
Posted by Bruce Lehr October 4th 2010.