Genzyme, sanofi-aventis deal

Genzyme reiterated that the $69 per share takeover bid from sanofi-aventis is inadequate after the pharma issued a letter urging the biotech to shelve any defensive actions in response to the offer. sanofi-aventis warned that Genzyme's previously stated intention to adopt a poison pill would prevent sanofi-aventis from acquiring Genzyme regardless of shareholder support for a deal. The pharma also said that Genzyme's plan to stagger the terms of its board members would "disenfranchise" shareholders. ...