Sanofi Aventis said Monday that it would keep its offer of $69 per Genzyme share open until January 21.
The move to keep its $18.5 billion offer alive is intended “to provide additional time to allow holders of Genzyme common stock to tender their shares,” the company said, adding that further extensions were possible. The offer was set to expire just before midnight on Friday.
As of that date, more than 2.2 million Genzyme shares, or almost 1 percent, had been tendered in response to Sanofi’s offer.
Genzyme’s board is holding out for a higher price, while Sanofi sticking to its present bid, and biding its time until the annual shareholder meeting next year, when it may seek to overturn the board.
Meanwhile, the possibility of additional payments tied to the performance of Genzyme drugs, like its multiple sclerosis treatment Campath, has emerged as a way the two companies might overcome their disagreement.
Sanofi Extends Genzyme Tender to Late January - NYTimes.com
