Saturday, February 5, 2011
Reuters is reporting that Genzyme and Sanofi's respective boards will be meeting on Sunday. A couple of things:
The deal is expected to be priced at $74 in cash, or $19.2 billion, based on Genzyme's outstanding shares of 258.99 million as of October 29, plus a contingent value right, or CVR, with an intrinsic value of $5 to $6 a share, the sources said.
Reuters is also indicating that the CVR will be registered and thus tradable. We'll see. I suppose there will be some interesting reading on Monday morning.