The FINANCIAL — Sanofi-aventis (EURONEXT: SAN and NYSE: SNY) announced on January 24 that it has extended its tender offer for all outstanding shares of common stock of Genzyme Corporation (Nasdaq: GENZ) at $69.00 per share, net to the seller in cash, without interest and less any required withholding taxes.
The tender is now scheduled to expire at 11:59 p.m., New York City time on February 15, 2011 unless it is further extended. The tender offer was previously scheduled to expire at 11:59 p.m., New York City time on January 21, 2011. All other terms and conditions of the tender offer remain unchanged.
As previously announced, sanofi- aventis and Genzyme are engaged in discussions regarding the structure of a contingent value right (CVR) involving Lemtrada™ (alemtuzumab MS) as an element of any potential transaction. Although those discussions have continued and have included commercial teams and executives of both sanofi-aventis and Genzyme, there remain significant differences on the potential CVR and the value of sanofi-aventis’ offer, and there is no guarantee that the parties will come to an agreement.
The depositary for the tender offer has advised sanofi-aventis that, as of 11:59 p.m. on January 21, 2011, approximately 1,091,618 shares of Genzyme common stock (including shares subject to guarantees of delivery, but not including the 100 shares owned by sanofi-aventis) were tendered and not withdrawn, representing approximately 0.40% of the outstanding shares on a fully-diluted basis.
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