Health and Healthcare
Genzyme, Buy-Out Target, Makes Mass Layoffs: National Employee Morale Day
Published:
Last Updated:
Genzyme (NASDAQ: GENZ), the target of a buyout offer from Sanofi-Aventis, began to lay-off almost 10% of its workforce today. The company would not say exactly what the size of the cuts would be.
Genzyme may have decided on the move to increase margins. Sanofi-Aventis has offered $18.5 billion to buy the smaller company. Genzyme’s board has dismissed the offer as too low.
Sanofi-Aventis recently disclosed that it has lined-up $10 billion in financial backing to close a transaction.
Lay-offs to increase the value of the company? Cruel.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
