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Elliott 'Extremely Dissatisfied' With Genzyme Bid for Bioenvision; Believes Offer Significantly Undervalues Company
Date:9/6/2007

Major Shareholder Will NOT Vote for Merger; Says 'Shareholders Have Already

Spoken' by Rejecting Tender Offer at $5.60 per Share

NEW YORK, Sept. 6 /PRNewswire-FirstCall/ -- Elliott Associates, L.P. (together with funds under common management), a major shareholder of Bioenvision (Nasdaq: BIVN), today said the following letter has been sent to the Board of Directors:

September 5, 2007

The Board of Directors

Bioenvision, Inc.

345 Park Avenue, 41st Floor

New York, NY 10154

Dear Members of the Board of Directors:

I write to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, "Elliott" or "we"), which collectively own approximately 6.7% of the common stock of Bioenvision, Inc. (the "Company" or "Bioenvision"). Elliott is extremely dissatisfied with the proposed Genzyme transaction, in which Bioenvision shareholders are to receive $5.60 per Company share (the "Genzyme Transaction"), because we strongly believe this transaction significantly undervalues Bioenvision. We believe this outcome was the result of a hurried and flawed sale process, apparent conflicts-of- interest on the part of the Board, and a miscalculation by the Company that shareholders would prefer a sale at any price rather than to wait for the significant value to which we are entitled.

Elliott will NOT vote for the Genzyme Transaction. It is clear to us that other stockholders share our view as Genzyme's tender offer attracted virtually no support apart from that of the shareholders who orchestrated the transaction. While we agree that a sale of Bioenvision may ultimately be the best course of action, it is our firm view that remaining a stand-alone entity
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SOURCE Elliott Associates, L.P.
Copyright©2007 PR Newswire.
All rights reserved

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