Bain Capital and Cinven have won a fierce bidding war for Germany’s Stada after beating a rival private equity consortium with a €4.1 billion takeover offer for the maker of generic versions of drugs such as Viagra.
The boards of Stada said on Monday that the €66 a share bid from Bain and Cinven had been chosen over a proposal from Advent International and Permira because it was “the most financially appealing”.
One person close to the process said that the months-long battle culminated in a flurry of activity over the weekend, with Bain and Cinven eventually being declared the winner at 5am German time Monday morning.
The offer is a 48.9 per cent premium to Stada’s undisturbed share price, marking a victory for Carl Ferdinand Oetker, chairman of the German drugmaker, who argued that the company deserved a higher valuation after rejecting earlier bids of €58 a share from the two consortiums in March.
Full Content: Financial Times
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