Even with a structure that includes a contingent rights value, Genzyme Corp. board member Ralph Whitworth says that the $69 per share offer from French pharmaceutical firm Sanofi-Aventis SA is still too low. Sanofi went hostile with its $18.5 billion offer in October. CEO of the Boston, Mass., biotech firm Henri Termeer recently confirmed reports that the company was considering a deal structure that included a CVR, which would add value to the deal if certain commercial milestones were met. We caught up with Whitworth, who is also principal at San Diego activist fund Relational Investors LLC, at The Deal Economy 2011 event, hosted by The Deal at the New York Stock Exchange on Dec. 2 and 3. Click here to join the webcast of the event. - Sara Behunek