Genzyme extends tender for Bioenvision common, preferred stock

By Laura Lutz

Des Moines, July 2 - Genzyme Corp. extended its cash tender offer for the common and preferred stock of Bioenvision, Inc. and waived the minimum tender condition for the offer.

The tender will now expire at 12:01 a.m. ET on July 10, pushed back from July 2.

As of 12:01 a.m. on July 2, Genzyme had received tenders for about 26% of the outstanding shares of Bioenvision on an as-converted basis, consisting of about 20% of the outstanding common stock and 100% of the outstanding preferred stock.

Before the condition was waived, settlement the tender offer depended on Genzyme's acquisition of at least 50% of the outstanding common shares of Bioenvision.

The preferred stock that has been tendered can be converted into common shares at an approximately two-to-one ratio.

The offer is being conducted under a May 29 merger agreement between the two companies.

Genzyme is offering to purchase the common shares at $5.60 each and the preferred shares at $11.20 each.

Bioenvision may not terminate the merger upon receipt of a better proposal after Genzyme accepts the tendered shares.

Genzyme is a biotechnology company based in Cambridge, Mass.

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