"Under the terms of the amended and restated agreement, Sanofi retains its right to acquire up to 30% of Regeneron's outstanding common stock and Class A stock and gains the right to nominate a single independent director to the Regeneron Board of Directors upon reaching 20% ownership of Regeneron's outstanding common stock and Class A stock. The new independent director must be approved by Regeneron's board based on Sanofi's proposals and not have any current or previous relationship with Sanofi. All shares of Regeneron's common stock owned by Sanofi now or in the future are subject to an amended "Lock-Up" provision that prohibits any sales through at least December 20, 2020 and imposes certain restrictions on the manner of sales thereafter. In addition, Sanofi has agreed to be bound by an amended voting agreement which specifies that Sanofi must vote its shares as recommended by Regeneron's board except in certain defined circumstances, and revised "standstill" provisions that continue to prohibit Sanofi from seeking to directly or indirectly exert control over Regeneron or acquiring more than 30% of Regeneron's outstanding common stock and Class A stock, except under certain specified conditions. Sanofi's current ownership of Regeneron is 15.8 million shares, representing approximately 16% of Regeneron's outstanding common stock and Class A stock."
Which means, if the aging white males that populate REGN's BoD decide they have cashed out to the level they expected, they can initiate the process that would result in Sanofi taking over REGN by the close of 2017... LS, GY and others aren't getting any younger. Which would you do, take a billion bucks and retire or become Sanofi Bridgewater North?
