Berlin — Private equity partners Bain Capital and Cinven succeeded in their renewed bid to acquire Germany’s Stada Arzneimittel for €5.4bn in a takeover quest that has spanned months and at times looked doomed to fail. The suitors cleared the 63% threshold set for the bid to go through, Stada said on Friday. All antitrust approvals have been secured, and the tendered shares will be transferred before the end of the month, the drug maker said. Bloomberg reported that the offer had succeeded earlier, sending the stock to a record. The move marks a major step forward in a deal that came down to the wire more than once, with an initial bid narrowly missing getting enough investors’ support in June. Elliott Management, which kept other investors on tenterhooks about its intentions, signalled its willingness to support the private equity duo just before the August 16 deadline for shareholders’ commitments ended on the new bid, people with knowledge of the matter said. The revised threshol...
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