NEW YORK (AP) - Drug developer Bioenvision Inc. said Friday it will wait
until next week to announce the results of a vote on a takeover deal that failed
to win the praise of at least one major shareholder.
Shareholders voted Thursday on a deal that would sell the company to Genzyme
Corp. for $5.60 per share.
Bioenvision said the inspector of elections needed additional time to
tabulate the final vote on the deal. The company set a date of Oct. 10 for the
next meeting, when the results would be announced.
Investment firm SCO Capital Partners LLC, which owns a 13 percent stake in
Bioenvision, has said it would not support the proposed takeover, calling the
price too low and the sales process badly managed and poorly timed.
Riskmetrics Group's Institutional Shareholder Services, a proxy advisory
company, also suggested investors vote against the proposed takeover due to the
offer price.
Genzyme has said it will not offer more for the company.
Bioenvision shares rose 9 cents to $5.54 in electronic after-hours trading.
During regular trading, the shares rose 2 cents to close at $5.45.
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