Enough shareholders back Stada Arz takeover for deal to proceed

Shares of German generics drugmaker Stada Arzneimittel (SAZ: Xetra) leapt 13.18% to 72.55 euros on Friday, after it became clear that the proposed 4.1 billion-euro ($4.8 billion) takeover of the company would finally proceed.

Nidda Healthcare Holding AG, the acquiring company of Bain Capital and Cinven, announced that 63.85% of the outstanding Stada shares were tendered within the scope of the renewed voluntary public takeover offer. The minimum acceptance threshold of 63% was thus exceeded. The acceptance period ended on August 16, 2017 at midnight.

This should now bring to a conclusion the long-running saga that saw shareholders reject an earlier bid, but a sufficient number has now agreed to the increased offer of 66.25 euros per share including a 0.72-euro dividend and a lowered threshold for acceptance.