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Genzyme (GENZ) Company Rejects Buyout Takeover Offer Sanofi Genzyme Will Explore 'White Knight'

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Published on Oct 8, 2010

http://www.StockMarketFunding.com Genzyme (GENZ) Company Rejects Buyout Takeover Offer bid from Sanofi-Aventis SA. Genzyme Will Explore 'White Knight'. Genzyme Corp. will evaluate alternatives for the biotechnology firm, including reaching out to other companies, as part of its defense against an $18.5 billion hostile bid from Sanofi-Aventis SA, the company said Thursday.

Genzyme isn't actively soliciting a "white knight" to counter Sanofi's offer, but the board wants thorough information about its value in the market and know what its options are, people familiar with the matter said.

"The company board, in order to be fully informed about the company's value in comparison with the company's stand-alone strategic plan, has authorized the company's advisers and management to probe and evaluate lternatives for the company and its assets, which will include contacting third parties," Genzyme said in an SEC filing. "These probes do not constitute authorization of a process to sell the company or any of its assets."

The filing also revealed for the first time that during a Sept. 20 meeting, Sanofi chief executive Chris Viehbacher offered Genzyme head Henri Termeer a range of $69 a share to $80 a share to open negotiations, which Mr. Termeer rejected.

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