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Stada buyout falls short of shareholder acceptance target
June 26, 2017 / 5:40 PM / 7 months ago

Stada buyout falls short of shareholder acceptance target

FRANKFURT, June 26 (Reuters) - Private equity groups Bain Capital and Cinven failed to win the required shareholder acceptances to take over German generic drugmaker Stada by the deadline, Stada said in a statement on Monday.

Investors representing 65.52 percent of Stada’s equity capital tendered shares in the agreed 5.3 billion euro ($5.9 billion) deal at 66 euros per share, short of the 67.5 percent that the bid was conditional on, Stada said.

Bain Capital and Cinven said in a separate statement that tendered shares would be returned to shareholders.

Stada added that the termination of the deal did not have an impact on its 2017 and 2019 targets. (Reporting by Harro ten Wolde and Ludwig Burger; editing by Susan Thomas)

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