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Genzyme rejects Sanofi's second proposal
CAMBRIDGE, Mass. After Sanofi-Aventis sent Genzyme a second proposal letter to acquire the drug maker on Monday, Genzyme said "the identical offer ... fails to establish a basis for engagement by the Genzyme board."
Sanofi-Aventis offered to acquire Genzyme for $69 per share in cash on two occasions. Prior to Monday's duplicate offer, the first offer was sent to Genzyme on July 29. The drug maker rejected the offer two weeks later.