FRANKFURT (Reuters) - Active Ownership Capital has sold a stake in Stada (STAGn.DE) as the buyout groups Bain Capital and Cinven fight to take control of the German drugmaker, a spokesman for the activist investor told Reuters on Friday.
The stake sold by Active Ownership Capital is expected to go to Bain and Cinven. Active Ownership last year reported a stake of 7 percent of shares and options held together with other unnamed investors.
The two buyout firms have made a tender offer of 5.3 billion euros ($5.92 billion), which is in place until June 22 and is contingent upon securing 67.5 percent of Stada’s shares.
Stada’s executive and supervisory board have endorsed the sale and have said 66 euros per share is a fair price.
Active Ownership Capital sold its stake for nearly 66 euros per share, according to a person familiar with the situation who spoke on condition of anonymity.
Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Kathrin Jones and Harro ten Wolde