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The board of directors at US biotech firm Genzyme Corporation has rejected a third takeover bid by French firm Sanofi-aventis, it has been confirmed.
In a statement released by the board, it urged shareholders not to sell their shares to the world’s fourth largest drugmaker.
It added that the offer, of $69 (£43) per share was unanimously rejected.
The hostile bid was made three days ago, according to Genzyme bosses, and marks an escalation on Sanofi’s three-month battle to take over the firm, which makes lucrative drugs for rare genetic disorders.
Sanofi, which is based in Paris, initially made the $69 offer privately in July, then repeated it publicly in late August, but was rebuffed on both occasions.
As before, Genzyme said the $69 price was too low.
Sanofi-aventis spokesman Jack Cox said he could not immediately comment on the Genzyme announcement.
In a press release, Genzyme said the price “is inadequate and opportunistic, substantially undervalues the company, fails to recognise the company’s plan to increase shareholder value, and is not in the best interests of Genzyme or its shareholders.”
Copyright Press Association 2010