Dive Brief:
-
Sanofi has named eight candidates to replace the board of Medivation, which is the target of a takeover attempt.
-
The move makes good on a threat Sanofi made early last month.
-
Sanofi wants to replace Medivation's board by Aug. 1 to clear the path for a takeover.
Dive Insight:
Whether this is just more preliminary dancing or the latest move in a full-on hostile bid is yet to be seen. Medivation's shareholders have the right to replace company directors at any point, and Sanofi is using that rule to push for the acquisition.
Medivation rejected a $9.3 billion purchase offer from Sanofi a few weeks ago -- a bid Sanofi made public after Medivation did not respond to requests to discuss an acquisition, Sanofi officials said.
In early May, Sanofi CEO Olivier Brandicourt sent a letter to Medivation's board, saying a hostile bid was possible. "If the Medivation Board of Directors continues to refuse to engage with us, then we intend to commence a process to remove and replace members of the Board," Brandicourt wrote. The latest announcement escalates that threat.