Genzyme’s Coming Time Press on Merger Offer (GENZ, SNY)
Genzyme Corporation (NASDAQ: GENZ) is getting close enough in the head on trucker game of chicken that either Sanofi-Aventis (NYSE: SNY) is going to flinch or Henri Termeer and the board of Genzyme need to flinch. It just seems that there are not any of the other buyers out there. Maybe it is the manufacturing woes, maybe it is that the cause of the virus was unknown or not fully explained, and maybe it is just that Termeer and others can recall a $80.00 share price before things went south.
If Genzyme lets this bid from Sanofi-Aventis get away and if it the woes allowed competitors to up their own sales very much, Henri Termeer could face a black mark on what could be the crest of a great career as he took this company from the ground up. Being the early-on CEO does not mean he is the best man for the job on a day to day operation, even if he would be chairman of the board.
The bid stands at $69.00. The WSJ said no higher bid is apparent from the company and its spokesperson said that no other offer has been made nor discussed with the Genzyme board, management and its holders of the common stock. There had been some loose reports that a $71.00 offer was being made.
The notion that the company wants more means nothing to a buyer. It does not appear to be anyone’s fault other than that of Genzyme about its woes.
Shares are down 0.1% at $70.40 today and the 52-week trading range is $45.39 to $71.01.
JON C. OGG
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