Henri A. Termeer, the Genzyme CEO, has overseen Genzyme through their manufacturing debacle. In Sanofi's letter it was revealed that when Sanofi called Mr. Termeer to offer a buyout, Mr. Termeer said that Genzyme was not interested without even asking a price.
I understand the rejection of the $69 offer as it does seem a little low. But how does a CEO who oversaw the destruction of so much shareholder value not even listen to an offer because selling out would likely hurt is ego? Who does he serve, shareholders or his ego?