Despite market chatter to the contrary, Sanofi-Aventis is highly unlikely to raise its current $69 offer for Genzyme any time soon, according to people familiar with the situation.
Recently, there has been discussion among takeover investors and some analysts speculating that Sanofi would raise its offer prior to the expiration of its current tender offer on December 10.
Sanofi is focused on that tender, but only on whether to extend it.
Having a tender outstanding forces all potential conversations into the public realm, while dropping the tender would at least allow for back channel discussions. That being said it seems likely Sanofi will extend the current tender.
The larger question is what Sanofi will ultimately do to put pressure on Genzyme’s board to start talking.
While there are no other suitors for all of Genzyme, simply sitting around and waiting for your prey to come to the table rarely works as a strategy.
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