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Medivation Shares Stand Pat Amid Further Bid Speculation


Sanofi (SNY - Get Report) is reportedly following through with its plans to nominate eight people to Medivation's (MDVN - Get Report) board.

Sanofi previously threatened to launch a hostile takeover after the San Francisco-based drugmaker refused to sit down and discuss Sanofi's $9.3 billion offer, which was made on April 28.

"They're doing what they said they would do," analyst David Nierengarten of Wedbush Securities said in an interview.

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Sanofi and Medivation declined comment and would not confirm CNBC's initial report on the news.

Despite the news, Sanofi's share prices were virtually unchanged...