Sanofi Extends Offer for Genzyme

Sanofi-Aventis on Monday said it extended its offer of $69 a share for Genzyme to next month.
By Joseph Woelfel ,

PARIS (

TheStreet

) ---

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.

Genzyme

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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