Sanofi Extends Offer for Genzyme
PARIS (
) ---
Sanofi-Aventis
(SNY) - Get Report
on Monday said it extended its offer of $69 a share for
Genzyme
(GENZ)
to next month.
Sanofi, the French drugs company, said the tender offer is now scheduled to expire at 11:59 p.m. EST on Jan. 21, 2011. Its previous offer expired Friday night.
Sanofi said 2.21 million shares of Genzyme, or 0.9% of the outstanding shares, were tendered by Friday evening.
has been trying to fend off an $18.5 billion hostile bid from Sanofi. Genzyme last month estimated its shares were worth $89 each.
-- Written by Joseph Woelfel
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