PHILADELPHIA Reuters Frances Sanofi-Aventis on Sunday publicly disclosed its $18.5 billion, $69-per-share cash offer for Genzyme Corp after failing to engage the biotechnology company in merger talks.
Sanofi said it would consider all options to complete the transaction, hinting it would consider a hostile takeover bid.
The move to publicly disclose the offer puts pressure on Genzyme to respond to the offer or justify to shareholders why it has not held negotiations.
"Sanofi-Aventis is disclosing the contents of its letter in order to inform Genzymes shareholders of the significant shareholder value and compelling strategic fit inherent in a combination of the two companies," Sanofi said in a statement.
Sanofi confirmed it made the offer privately to Genzyme about a month ago and that the lack of talks left it "little choice" but to make its offer public.
Genzyme was not immediately available to comment.
Sources previously told Reuters that Genzyme wants an offer of at least $75 per share before Sanofi could review its private financial records. Some shareholders want as much as $80 a share to clinch a deal.
Analysts have said they expect a deal to be finalized in the range of $74 to $77 a share.
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