Sanofi looks to set date for showdown with Medivation shareholders
Sanofi (NYSE: SNY) has announced that it has attempted to fix a record date with Medivation (NASDAQ: MDVN) where the shareholders at the company can decide whether or not to remove and replace the board in favour of members hand-picked by the French pharma company.
Sanofi has escalated their attempts to acquire the California-based oncology-focused company in recent weeks, amid growing reported interested from others, including Pfizer and Amgen. With the Medivation board having branded their $9.3 billion bid as “significantly undervaluing” the company, and apparently refusing to engage any further, Sanofi recently announced plans to replace the entire board at the company.
If the shareholders decide to elect a new board, the likelihood of a sale increases dramatically. In this latest announcement, Sanofi is seeking to choose a definite date for shareholders to have their say on the matter. Medivation responded with a statement indicating that the record date was set for 1 June.
According to the statement, the latest day the Medivation board could have set the record date is June 22, 2016. After the record date, Medivation directors can be removed and replaced at any time by shareholders delivering consents representing a majority of outstanding shares.
Medivation is said to be obligated to adopt a resolution fixing the record date within 10 calendar days of this request. Sanofi, it is clear, may know for sure whether they will successful in their bid to acquire Medivation sooner rather than later.
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