German drug maker Stada weighs two takeover offers
The prospect of a bidding war drives up shares in Stada after private equity firm Cinven names its price
Frankfurt — The prospect of a bidding war drove shares in Stada 14% higher on Monday after the German drug maker said it was weighing two takeover approaches including one from private equity firm Cinven Partners, which valued it at almost €3.5bn. Buyout companies Advent, Permira and CVC had been working on offers for months and approached Stada about a deal, people familiar with the situation told Reuters. It remains unclear which of them Stada was referring to as the second suitor in its statement. Cinven had been preparing a joint bid with Poland’s unlisted Polpharma to combine the two businesses and cut costs. The buyout firm decided to go it alone when the venture proved too complicated, a person familiar with the matter said. Polpharma was not immediately available for comment. Cinven was offering a price of €56 per Stada share, the German company said. The shares had jumped 14% to €56.70 by 12.15pm in Frankfurt on Monday. The approaches vindicate the strategy of activist inve...
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