Genzyme Sued By Shareholders

By Lori Clapper, Web Editor

According to a Bloomberg report, Genzyme shareholders are up in arms about the company snubbing Sanofi Aventis' $18.5 billion takeover offer. In fact, two shareholders plan to sue the company's board in federal court in Boston, hoping a judge will order the company to consider the bid.

The lawsuits claim that by not considering Sanofi's offers, Genzyme directors are denying investors maximum value for their shares. Three additional lawsuits have also been filed in other Massachussetts state courts. A company spokesman declined to comment on the suits, however, in an October 4 statement the company said it would make its recommendation within 10 business days.