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Takeover target Stada says has no word of any rival bid
May 16, 2017 / 11:14 AM / 6 months ago

Takeover target Stada says has no word of any rival bid

FRANKFURT (Reuters) - Stada Arzneimittel AG (STAGn.DE), the German drug company that has received an agreed takeover bid from buyout firms Bain and Cinven, on Tuesday said it had not been notified of any rival offer in the works.

FILE PHOTO: 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

Bloomberg reported on Monday that investor Advent and Shanghai Pharmaceuticals (601607.SS) were discussing a potential bid of about 70 euros a share.

That would trump Bain and Cinven’s offer of 65.28 euros plus and a dividend of 0.72 euros per share, which was already seen as a surprisingly large, valuing the company at about 5.3 billion euros ($5.8 billion).

Reporting by Ludwig Burger; Editing by Maria Sheahan

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