Sanofi SA (ADR) (NYSE:SNY) is leaving no stone unturned to convince Medivation Inc. shareholders of the benefit in ousting their own board of directors. Bloomberg reported Monday, citing people close to the matter, that the French drugmaker may improve its $9.3 billion takeover bid for Medivation with additional payments contingent on certain performance targets.
After making a private approach for Medivation Inc. (NASDAQ:MDVN) at the end of March, Sanofi publicly offered to buy the company on April 28 for $52.50 a share, a discount to its inflated share price at the time, and at nearly a 50% premium to its pre-takeover speculation stock price in the $30s. The offer was immediately rejected, with Medivation management calling it “substantially inadequate and opportunistically timed.” By then, Medivation had attracted considerable alternative takeover interest, with industry giants like Pfizer, Gilead, Amgen, Novartis, and AstraZeneca cited among reported contenders.
