WSJ: Genzyme won't bite on Sanofi's "lackluster" offer

A split may be developing on Genzyme's board over a possible sale of the company to Sanofi-Aventis, with CEO Henri Termeer reluctant to dive in while other board members appear more receptive, according to a report in the Wall Street Journal. But the Journal's inside sources say that no one likes Sanofi's "lackluster" $69 per share offer.

The view of the biotech's board is that Sanofi is looking for a chance to scoop up the company after a grueling series of manufacturing snafus blighted their share price and left Genzyme vulnerable to a buyout. But Genzyme isn't snapping at any low bids--it still wants at least $80 a share--and so far the two sides can't even agree on a threshold price needed to launch a formal negotiation.

For Sanofi's part, reports WSJ, a renewed interest in going hostile has been tabled for the moment, with the pharma company still trying to determine if it can structure a friendly M&A deal. Media representatives, meanwhile, are staying tight-lipped about the whole affair. And investors don't appear certain that any deal can be done. On Monday, Genzyme shares were still trading at less than $68.

- here's the WSJ story

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