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Genzyme board rejects sanofi offer

October 7, 2010 11:44 PM UTC

Genzyme Corp. (NASDAQ:GENZ) said its board unanimously rejected an unsolicited tender offer from sanofi-aventis Group (Euronext:SAN; NYSE:SNY) to acquire the biotech for $69 per share in cash, or about $18.5 billion. Genzyme's board said the offer is "inadequate and opportunistic" and substantially undervalues the company. In August, Genzyme rejected two identical unsolicited offers from the pharma. ...