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13 days ago
Stada says activist investor Elliott builds 8.7 percent stake
July 12, 2017 / 8:23 AM / 13 days ago

Stada says activist investor Elliott builds 8.7 percent stake

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FRANKFURT (Reuters) - Activist investor Elliott has built an 8.7 percent stake in Stada (STAGn.DE), the generic drugmaker which has backed a takeover offer from buyout groups Bain and Cinven said on Wednesday.

Elliott declined to comment its intentions.

According to people close to the matter the investor has not yet signalled to Bain and Cinven whether it will tender its shares.

The private equity firms announced a sweetened bid on Monday, after their prior offer fell through.

Stada said that Elliott founder Paul Singer had 6.71 percent of Stada plus 1.98 percent in options as of July 4.

Reporting by Arno Schuetze and Patricia Weiss; Editing by Edward Taylor

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