NEW YORK (AP) - Investment firm SCO Capital Partners LLC, which owns a 13
percent stake in Bioenvision Inc., reiterated its intention Monday to vote
against Genzyme Corp.'s proposed takeover of the biotechnology company.
In a letter to Bioenvision's board, SCO Capital Managing Member Steven H.
Rouhandeh said SCO believes shareholders will not approve the acquisition
agreement in the scheduled vote on Oct. 4.
SCO Capital has persistently said that Genzyme's $5.60-per-share offer is
inadequate and the result of a poorly managed and badly timed sales process.
SCO Capital said proxy-advisory and shareholders-services firms including
Institutional Shareholder Services Inc., Glass Lewis & Co. and Egan-Jones have
said the offer undervalues the company.
Rouhandeh reiterated that SCO Capital plans to propose a new slate of
directors for the company.
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