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Sanofi insists investors will decide on bid

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory Share Sanofi insists investors will decide on bid French drugmaker Sanofi-Aventis said it had called on bid target Genzyme bosses not to use defensive tactics to block a takeover of the US biotech but to let shareholders decide on its $18.5bn (£11.4bn) offer.Sanofi chief executive Chris Viehbacher said in a letter to Genzyme boss Henri Termeer published yesterday that the board should not stand in the way of shareholder choice if it was not prepared to enter direct talks with the French group.“You have publicly disclosed that Genzyme’s board has authorised management and the company’s advisors to ‘probe and evaluate alternatives’ for Genzyme and its assets, including contacting third parties,” Viehbacher said. “We were encouraged to hear this, but to date, we have not been contacted or included in this process.”Viehbacher said certain comments made by Genzyme management seemed to be inconsistent with its publicly stated aim of maximising shareholder returns and listening to shareholders.Sanofi said the comments referred to three possible courses of action for Genzyme: extending the terms of some of its directors, using Massachusetts anti-takeover statutes to block a deal or adopting a “poison pill” to stop Sanofi taking control.“We believe it would be inappropriate for the board to take these defensive actions,” Viehbacher said. “If we are unable to have a direct dialogue with you, in all fairness you should allow your shareholders the opportunity to decide for themselves whether or not to accept our proposal.” Sanofi has stuck to its bid for Genzyme after the US company held a series of meetings to demonstrate it was worth more than the $69 per share Sanofi has offered citing $3bn sales of its MS drug. whatsapp Monday 8 November 2010 8:21 pm center_img Tags: NULL whatsapp Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content last_img read more