17 February 2004 19:44 [Source: ICIS news]LONDON (CNI)--The supervisory board of Franco-German life sciences group Aventis agreed unanimously on Tuesday to reject the hostile takeover bid formally launched today by French pharmaceuticals rival Sanofi-Synthélabo.
Aventis' supervisory board concluded unanimously that Sanofi's share and cash offer, which is valued at around Euro47bn ($60bn) was "clearly inadequate" financially.
In addition, the board said the offer entailed important social risks with limited benefits for Aventis and recommended shareholders not to accept it.
The supervisory board directed Aventis' management board "to study all alternatives with stronger industrial, social and financial rationale in the interest of the shareholders and employees of Aventis".
Aventis chairman Igor Landau has already condemned the offer as "cheap and ridiculous".
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