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.

"The Genzyme board is not prepared to engage in merger negotiations with Sanofi based upon an opportunistic proposal with an unrealistic starting price that dramatically undervalues our company," Genzyme chairman and CEO Henri Termeer wrote in a letter.