Fierce Biotech reports this morning that Sanofi extended its offer of $69 per share for Genzyme to January 21, 2011 when the original deadline expired on Friday, December 10th at Midnight (cue the witches & brew).
Reports are that only 0.9% - Yes, Virginia - less than 1% of Genzyme shareholders tendered their shares at that price. This would appear to be sweet vindication for Henri Termeer and his Board and bolsters their stance that the Company is worth a lot more. Analysts say that Sanofi will now be under greater pressure to up its ante. In the big picture though, not much has changed since this past summer.
Posted by Bruce Lehr December 12th 2010.