"The Genzyme board is not prepared to engage in merger negotiations with Sanofi based on an opportunistic proposal with an unrealistic starting price, that dramatically undervalues our company," Genzyme said.
A fight between the companies broke into the open after several months of behind-the-scenes machinations as Sanofi tried to get Genzyme involved in friendly takeover talks.
Yesterday, Sanofi went public with its all-cash offer, in a move dubbed a "bear hug" that ratchets up pressure on Genzyme to negotiate.
via guardian.co.uk
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