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Activist investor calls for transparent Stada sales process
February 24, 2017 / 5:40 PM / 10 months ago

Activist investor calls for transparent Stada sales process

FRANKFURT (Reuters) - Activist investor AOC has called for Stada’s (STAGn.DE) management and supervisory boards to run a non-biased, transparent sales process for the German generic drugs maker.

The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski

Stada on Thursday received a binding 3.6 billion euro (3 billion pounds) takeover offer from buyout firm Advent, which set a Monday deadline for management to respond.

The company should make sure not to accept the first, but only the highest offer, the company’s largest investor with more than 5 percent of the shares said in a statement on Friday.

It should invite both financial and strategic investors to conduct due diligence of Stada and provide a timeline for the process, AOC added.

($1 = 0.9427 euros)

Reporting by Arno Schuetze; Editing by Maria Sheahan

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