Sanofi Files Consent Solicitation To Remove and Replace Medivation's Board

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Go back to Sanofi Files Consent Solicitation To Remove and Replace Medivation's Board

Medivation (MDVN) Urges Holders to Reject Sanofi's Attempt to Replace Board

May 25, 2016 8:49 AM EDT

Medivation, Inc. (NASDAQ: MDVN) today urged its stockholders to reject Sanofis attempt to replace the companys entire Board of Directors with hand-picked nominees through a proposed consent solicitation, which Medivation believes is a tactic for Sanofi to facilitate its substantially inadequate and opportunistically-timed proposal to acquire Medivation. Medivation expects to promptly file consent revocation materials with the U.S. Securities and Exchange Commission.

On April 29, 2016, the Medivation Board unanimously rejected Sanofis unsolicited, non-binding proposal to purchase Medivation for $52.50 per share in cash because it substantially undervalues the... More