1. Genzyme's price was $49.86 when on July 2, 2010 Bloomberg reported Sanofi's interest.
2. On Aug. 29 Sanofi made a bid of $69--a 38.4% premium.
3. On Oct. 4 Sanofi went hostile at the same price.
4. In February 16, 2011 Sanofi bought Genzyme for $74 (a 48.4% premium over the July 2 price) plus a CVR of up to $14/share depending on the performance iof Genzyme's experimental MS drug Lemtrada and production levels of two other productrs.
On June 28, Onyx's price was $86.82. Amgen reportedly offered $120--a 38.2% premium, almost exactly the same as that offered initially by Sanofi. If you apply Sanofi's final premium of 48.8% to Onyx's June 28 price, you get 128.84--pretty close to Amgen's rumored $130 sweetened price. The only thing that is missing is a CVR.
The most funny part in the latest saga, is that in news that I'm getting from my broker (Schwab) it says that AMGN did not ask to unbind any trial...
The market tend to overreact- when initial bid $120 was declined, ONXX went to $136 as if anybody expressed willingness to outbid AMGN. Now when "the rumor" that $130 agreed upon market value it more than 10% less as if no real bid exists...
I'm sure we'll get some ( or maybe a lot of) news this week.
kot882, The "story" that AMGN wanted ONXX to unblind the trial was an obvious attempt at manipulation. One idiot put out the rumor (i.e. invents the rumor), and then a series of other fools report the rumor. It is a sad commentary on reporting.
johnpapa, I bought Genzyme for $68 shortly after Sanofi announced a bid. It then took a long annoying full year before I finally got the $74 buyout.I of course sold the CVR which was valued at $2 with lots of potential but almost all investors dumped theirs also. have no clue what its worth now.