March 29, 2017 / 8:04 AM / 8 months ago

Stada CEO says bidding process fully intact

BAD VILBEL, Germany, March 29 (Reuters) - 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)

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