FRANKFURT (Reuters) - Buyout groups Bain Capital and Cinven have been offered just over 41 percent of the shares in German drugmaker Stada (STAGn.DE), 26 points short of the required minimum, the private equity groups said on Wednesday, one day before the offer period expires.
The tender offer for the agreed 5.3 billion euro ($5.9 billion) deal runs through Thursday, June 22 and is conditional on securing 67.5 percent of Stada’s shares.
The investors earlier this month lowered the minimum acceptance threshold from 75 percent and postponed the cutoff date by two weeks. German financial market rules prohibit any further amendments.
Reporting by Ludwig Burger; Editing by Harro ten Wolde