In a rare example of investor solidarity, the shareholders in control of Bioenvision stock effectively blocked a proposed $350 million takeover by Genzyme. Only 26 percent of shares were tendered by the deadline Sunday night, far fewer than the majority Genzyme needed to complete the sale. Genzyme, an aggressive player in the M&A game, said it would extend its deadline to July 10 and would be satisfied with a large stake in the company, if it comes to that. Genzyme says there's no talk of hiking the bid.
- check out the report from The Boston Globe
Bioenvision investor balks at buyout agreement. Report
Genzyme snares cancer therapy in $345M buyout. Report