Dear Henri: Sanofi chief advises Genzyme against defensive moves
Sanofi-Aventis ($SNY) CEO Chris Viehbacher (photo) sounds a little miffed that Genzyme's ($GENZ) board would be out encouraging new bids for the big biotech without even so much as a lunch date to consider its $18.5 billion offer.
"We were encouraged to hear this, but to date, we have not been contacted or included in this process," Viehbacher wrote in his latest letter to Genzyme CEO Henri Termeer (photo), who quickly turned a cold shoulder to Sanofi's $69-per-share bid once it hit the table. Viehbacher has since stuck to his bid, and Termeer has stuck to his position. And Viehbacher now wants Genzyme to stand aside and let the shareholders decide whether or not to accept the offer. That means no poison pills or any other anti-takeover measures.
"We believe it would be inappropriate for the board to take these defensive actions," Viehbacher said in the letter.
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