ARTICLE | Finance

Playing Low Ball

Investors: Sanofi hostile offer for Genzyme is first concrete step to acquisition

October 11, 2010 7:00 AM UTC

Genzyme Corp. (NASDAQ:GENZ) Chairman, President and CEO Henri Termeer and his activist board members may have had a shotgun wedding, but it's in their best interest to stick together in the face of a low-ball hostile offer from sanofi-aventis Group (Euronext:SAN; NYSE:SNY).

Investors tipped last week's $69 hostile tender offer from sanofi, and Genzyme's rejection of it, as the first concrete steps in the acquisition process...