Bioenvision, Genzyme file petition, get court's OK for Oct. 22 special meeting

By Devika Patel

Knoxville, Tenn., Oct. 10 - Bioenvision, Inc. and Genzyme Corp. were given permission to reconvene on Oct. 22 a special stockholders meeting to approve their proposed merger that Bioenvision held on Oct. 5.

The approval came from the Court of Chancery of the State of Delaware following a petition filed by the two companies.

The petition sought the court's permission for Bioenvision to reconvene the special meeting of stockholders in late October and reopen the polls to ensure that all Bioenvision stockholders are given an opportunity to vote on the merger and for those votes to be counted.

In addition, the relief will give Bioenvision stockholders appraisal rights relating to the merger agreement before voting in late October.

The companies sought permission to reconvene the meeting in order to correct errors that they said might disenfranchise a significant number of Bioenvision stockholders.

Based on a preliminary count of the votes received through Oct. 5, approximately 55% of issued and outstanding shares have voted in favor of the merger.

As previously reported, Genzyme's proposed acquisition of Bioenvision is valued at about $345 million.

Bioenvision is a New York biopharmaceutical company, and Genzyme is a Cambridge, Mass.-based biotechnology company.

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