Sanofi is planning to nominate eight directors to replace the entire board of Medivation Inc., according to a person familiar with the matter, after its unsolicited $9.3 billion bid for the U.S. drugmaker was rejected. The new board members could choose to put Medivation up for sale if elected, the person said, asking not to be identified as the matter is private. The current board, which includes co-founders C. Patrick Machado and David Hung, who is also chief executive officer, has determined that the proposed price substantially undervalues the company, Medivation said last week.
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