BAD VILBEL, Germany, March 29 German drugmaker
Stada, at the centre of a takeover battle between two
private equity consortia, said the bidding process was
developing well, after delays earlier this month.
"The bidding process that we have initiated is intact in
every respect," Chief Executive Matthias Wiedenfels told
journalists at a press conference at the group's Bad Vilbel
headquarters after the release of detailed 2016 results.
The takeover battle for Stada pits a combination of Advent
and Permira against Bain and Cinven. Both have made takeover
offers at 58 euros per share, valuing the company at 4.7 billion
euros ($5.1 billion) including debt, according to people
familiar with the matter.
Stada postponed the bidding process this month to give the
competing suitors a chance to improve their offers.
($1 = 0.9270 euros)
(Reporting by Ludwig Burger; Editing by Victoria Bryan)