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Medivation sets date for shareholder consent on board revamp

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Staff writer | Thursday June 2, 2016 7:05AM ET
Hostile approach   Sanofi named eight candidates to replace the entire board

Medivation set June 1 as the date to determine which of its shareholders are eligible to take part in giving written consent to remove and replace its board of directors, after French drugmaker Sanofi submitted a notice.

Sanofi named eight candidates to replace the entire board of Medivation last week, stepping up pressure on the U.S. cancer drug company which has rejected the French company's $9.3 billion takeover approach.

Sanofi said in a statement on Wednesday that the latest day the Medivation board can set the deadline, or the record date, is June 22.

After the record date, Medivation directors can be removed and replaced if shareholders of a majority of the outstanding shares agree to the proposal, it added.


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