This Sunday morning French pharmaceutical company Aventis, officially revealed their bid for Genzyme, ticker GENZ. Looks like merger Monday will be living up to it's nick name tomorrow with this 38% premium bid. The 38% premium represents the move from the low 50$ level when the takeover speculation first hit the market. This season we have seen the 3Par bidding war along with BHP's for Potash hostile takeover, my guess is we see a few more big names pop up before the 2010's M&A boom wraps up.
(Reuters Writes) "Sanofi approached Genzyme in July and the two companies were engaged in friendly merger discussions. But, according to Sanofi’s chief executive, Christopher A. Viehbacher, the talks were stifled by Genzyme’s management.
“We are disappointed that you rejected our proposal on August 11 without discussing its substance with us,” he wrote in a letter to Genzyme’s chief executive, Henri A. Termeer. “Our financial advisors finally met briefly on August 24, but the meeting simply served as further confirmation that as throughout you remain unwilling to have constructive discussions.”
Under the terms of the bid, Sanofi is offering $69 per share in cash for Genzyme. That represents a 38 percent premium over Genzyme’s unaffected share price before speculation hit the market about a possible deal. Shares of Genzyme closed at $67.62 on Friday."
By Sellputs
