sanofi launches hostile bid for Genzyme

sanofi-aventis Group (Euronext:SAN; NYSE:SNY) began an unsolicited tender offer to acquire Genzyme Corp. (NASDAQ:GENZ) for $69 per share in cash, or about $18.5 billion. Genzyme's board advised shareholders to take no action at this time. It said it will issue a formal position on the offer within 10 business days. The tender offer expires Dec. 10. The price is a 27% premium to Genzyme's close of $54.17 on July 22, the day before rumors of an offer surfaced. sanofi said it has secured financing for its offer from BNP Paribas; JPMorgan; and Societe Generale. Evercore Partners and JPMorgan are advising sanofi.

In August, Genzyme rejected two identical unsolicited offers from the pharma. ...