Stada Arzneimittel AG, a Bad Vilbel, Germany-headquartered pharmaceutical company, has received a bid for acquisition of approximately $3.7 billion from Advent International, a Boston-based private-equity firm. Earlier this month, Stada said that it had opened up talks with potential bidders for the company.
Advent launched a bid for Stada at a takeover price of EUR 58 ($61.35) per share in cash plus a 2016 dividend payment. In 2015, the dividend payment amounted to EUR 0.70 ($0.74) per share. The legally binding offer expires on Monday, February 27, 2017 and is subject to the approval of Stada’s executive board. The executive board has said it will review the offer “in the best interest of the company” and will continue talks with all interested parties “to evaluate further value-enhancing potential, the value of strategic concepts, and to secure the interests of all stakeholders”, according to Stada.
In addition to Advent, Cinven Partners, a London-based private equity firm, also expressed interest in the acquisition of Stada. Cinven made a bid for Stada earlier this month at a takeover price of EUR 56 ($59.23) per share.
A third, undisclosed party also made a bid for Stada earlier this month. Stada confirmed it had received another bid for EUR 58 ($61.35) per share following receipt of Cinven's bid.
Stada’s core business is comprised of generics, which account for 58% of sales, and branded pharmaceuticals, which account for 40% of sales. The company had 2015 group sales of EUR 2.12 billion ($2.24 billion). The company’s 2016 full-year group sales are not available to date.
Source: Stada Arzneimittel AG