Medivation snubs Sanofi's $9.3 billion takeover bid
The board of directs at USA-based Medivation (Nasdaq: MDVN), after consultation with its financial and legal advisors, has unanimously determined to reject the unsolicited, $9.3 billion proposal from French pharma major Sanofi (Euronext: SAN)
Sanofi’s bid to acquire Medivation for $52.50 per share in cash (The Pharma Letter April 28) substantially undervalues Medivation and its leading oncology franchise. Also, it is not in the best interests of the company and its stockholders, the company said.
Medivation’s share price, which had risen modestly following Sanofi’s announcement, dipped just 0.55% to $55.86 in mid-morning trading today, suggesting that investors are expecting a higher offer or a counter bid for the company.
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Chairman, Sanofi Aventis UK
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