Will Sanofi turn hostile to get Genzyme?

What will Genzyme's directors do? That's the operative question, now that Sanofi-Aventis appears poised to deliver a formal offer for the company. And according to Bloomberg, the directors are likely to drive up that bid to at least $80 per share.

Carl Icahn, a major shareholder who won two seats on Genzyme's board this year, will want to put Genzyme on the block formally as soon as Sanofi makes its offer, Capstone Global Markets' Sachin Shah told the news service. "Icahn is going to come out and demand a special committee" to handle a sale, Shah said.

Meanwhile, Ralph Whitworth, another key shareholder who nabbed two board seats as well, will be looking for an offer sweeter than the $70 per share Sanofi CEO Chris Viehbacher is reportedly authorized to bid. That's because his investment group, Relational Investors, bought up millions of Genzyme shares when the stock was trading around $80.

Meanwhile, Citigroup analysts are betting that a.) Sanofi will successfully bid for Genzyme, and b.) the price will be in the "mid/high $70s." But, as Bloomberg reports, those same analysts think Sanofi may have to pursue a hostile bid to make the deal happen. What's your bet?

- see the Bloomberg story
- get more, also from Bloomberg