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October 4, 2010
Sanofi Goes Hostile
Posted by Derek
As of this morning. It looks like they were getting nowhere with Genzyme's board, so they're taking their same $69/share offer directly to the shareholders.
I'm not sure if that's going to be enough for them, but I presume that Sanofi-Aventis has already sounded out some of the institutional investors before going ahead. This isn't one of those questions you ask unless you're reasonably sure of the answer. But hostile bids do fail (or get their terms sweetened along the way). We've got until midnight, December 10, which is a long enough window for a lot of things to happen. Plenty of time to get some popcorn and find a good seat. . .
Comments (10)
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College chemistry, 1983
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After 10 years of blogging. . .
1. processchemist on October 4, 2010 8:47 AM writes...
This acquisition is causing a good amount of mess in the current activities of at least one Genzyme site. Whatever will happen, some damage is already done.
Permalink to Comment2. taudeltaphenol on October 4, 2010 9:12 AM writes...
@#$%! Stupid, stupid, stupid.
Permalink to CommentGenzyme people aren't the only ones po'd about this.
3. A Nonny Mouse on October 4, 2010 9:55 AM writes...
The BBC says that they have had a good response from shareholders, so it might go through.
http://www.bbc.co.uk/news/business-11464432
Permalink to Comment4. Anonymous on October 4, 2010 6:46 PM writes...
I didn't realize that more scientists losing their jobs is now a spectator sport. Popcorn? How 'bout a little decorum?
Permalink to Comment5. Anonymous on October 5, 2010 3:31 PM writes...
"I didn't realize that more scientists losing their jobs is now a spectator sport. Popcorn? How 'bout a little decorum?"
I didn't realize that inefficient companies with too many employees was a good thing.
Permalink to Comment6. Hap on October 5, 2010 3:45 PM writes...
1) I didn't realize decorum could prevent mergers. If we would have known that about ten years ago, things in the pharma world would be a lot different, no?
2) The problem with mergers to improve efficiency is that you're supposed to actually be more efficient at doing something. Other than generating money for investment firms, what exactly has mergermania done for pharma? It certainly hasn't led to more drugs, and it doesn't seem too helpful for stockholders either (at least the ones that don't or can't sell out). If mergers are supposed to make companies more efficient, then when is that improvement supposed to show up?
Permalink to Comment7. Anonymous on October 5, 2010 6:20 PM writes...
@6 Obviously decorum doesn't prevent hostile takeovers. Just suggesting that demonstrating some sensitivity towards those whose jobs are likely unable to survive might be more appropriate than equating the situation to a sporting event.
Permalink to Comment8. anonymous on October 6, 2010 10:33 AM writes...
>>I didn't realize that inefficient companies with too many employees was a good thing.
Ah, please say that the day after you have been laid off, at 48, for being too inefficient as part of an inefficient company, or was replaced in favour of efficient 25-year olds from India or CHina.
Permalink to Comment9. Hap on October 6, 2010 4:14 PM writes...
I would have figured "participants in a sporting event" would have been an improvement in status for the potential layoff victims than their current status as "cannon fodder", "money for my vacation home in Provence", or "cost center", at least in the eyes of S-A (and probably Genzyme) management.
In theory, losing jobs at Genzyme could be accompanied by gaining them elsewhere - the money locked up in Genzyme could be freed up to businesses that were actually effective, and decorum would be an irrelevant response. Unfortunately, pharma looks more and more like an instantiation of Atlas Shrugged with the moochers' roles being taken by large pharma executives, and there's no real hope that either the money will create jobs elsewhere, or that the incompetent management will be punished for their incompetence. Sympathy and decorum might be appreciated, but they're probably irrelevant.
Permalink to Comment10. Anonymous on October 6, 2010 7:30 PM writes...
@9 Great theory...too bad it has no basis in current reality
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