Genzyme offer
August 30, 2010
SANOFI-aventis has reportedly
offered a non-binding all-cash
payment of around US$18.5 billion
to acquire US bio-pharmaceutical
company Genzyme.
The transaction would see
shareholders receive around US$69
per share, 38% above Genzyme’s
01 Jul share price of US$49.86.
According to reports, Sanofi has
made several unsuccessful attempts
to contact Genzyme’s management
team to discuss a possible take-over.
The latest offer was sent via a
letter to Genzyme Chairman Herri
A Termeer, with Sanofi opting to
release its contents to the public in
a bid to inform the company’s
shareholders of the value offered to
them through a take-over.
“A combination with Genzyme
represents a compelling opportunity
for both companies and our
respective shareholders and is
consistent with our sustainable
growth strategy,” said Sanofi ceo
Christopher Viehbacher.
“The all-cash offer provides
immediate and certain value for
Genzyme shareholders at a
substantial premium that
recognizes the company’s upside
potential, while sanofi-aventis
shareholders would benefit from the
accretion and the attractive growth
prospects of this combination.
“Now is the right time for
Genzyme to consider a transaction
that maximises value for its
shareholders,” he added.
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