Genzyme (GENZ) Announces Completion of Tender Offer for Bioenvision

July 10, 2007 9:37 AM EDT

Genzyme Corporation (Nasdaq: GENZ) has completed its tender offer to acquire shares of Bioenvision, Inc. (Nasdaq: BIVN) capital stock and that a proxy statement will now be prepared by Bioenvision for a shareholder meeting to occur before the end of the year.

"We are proceeding with the purchase of all the Bioenvision preferred shares, as well as the common shares tendered," stated Mark J. Enyedy, president of Genzyme Oncology, a business unit of Genzyme Corporation. "At a minimum, we are committed to playing an active and constructive role as a significant long-term shareholder of Bioenvision."

Consistent with the merger agreement reached between Genzyme and Bioenvision on May 29, 2007, Bioenvision will now prepare a proxy statement to be mailed to its shareholders detailing the rationale for the merger and other material disclosures. This process is expected to culminate with a merger vote before the end of the year.

Genzyme agreed on May 29, 2007 to acquire Bioenvision in an all-cash transaction valued at $5.60 per outstanding common share and $11.20 per outstanding preferred share (plus accrued but unpaid dividends), or approximately $345 million.

Related Categories

Mergers and Acquisitions

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?