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August 27, 2010
Sanofi-Aventis and Genzyme: Walking Away?
Here's a roundup of the latest reports on the potential Genzyme takeover. For one thing, it looks as if people on the inside are talking again, after a good period of silence. And for another, it looks as if Sanofi is applying the pressure: no deal above $70/share.
Either Genzyme's board agrees to entertain such an offer, or they get to explain to the shareholders why they think it's just too low. Sanofi-Aventis, for its part, may well be actually thinking about walking away, which is a move that I'd applaud. Not only do I not like most big mergers in this business, I've also never liked the way these deals take on a momentum of their own. Going through with some transaction because, well, we've started doing it and now things are just sort of rolling along, y'know, is a terrible idea. It's the sort of reasoning that vacuum cleaner salesmen and used-car dealers try to encourage. Oh, and big impressive investment banks, too.
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