Sanofi starts Dutch auction for 30% of Genzyme CVRs

Sanofi (Euronext:SAN; NYSE:SNY) launched a modified Dutch auction tender offer to purchase up to 86.8 million, or about 30%, of the outstanding Genzyme Corp. contingent value rights at a price range of $1.50-$1.75. The range is a 7-25% premium to the CVR's close of $1.40 on Aug. 31, the last trading day before the offer was announced. If the offer is fully subscribed, Sanofi would pay a total of $130-$152 million to CVR holders. Morgan Stanley is the dealer manager. The offer expires on Oct. 5. ...