genzyme rejects sanofis bid

Sanofi Denies Offering $69-$80 Price Range to Genzyme

There's a new plot twist in the takeover battle between French pharmaceutical giant Sanofi-Aventis and U.S. drugmaker Genzyme. A regulatory filing made by Genzyme on Thursday claims Sanofi may be willing to go much higher than its current $69 bid -- a claim the French company disputes.

Genzyme Rejects $18.5B Bid from Sanofi-Aventis

One of the most interesting merger and acquisition sagas of the past month is no doubt the French drugmaker Sanofi-Aventis' (SNY) courtship of rare-disease biotech Genzyme (GENZ). On Monday, Genzyme has confirmed that it has received Sanofi's unsolicited proposal of $69 per share in cash, adding its the board of directors unanimously rejected the proposal -- again.