Shanghai confirms it's mulling a rival bid for Stada Arzneimittel
Chinese drugmaker Shanghai Pharmaceutical (601607.SS) has confirmed media reports that it is in discussions with financial investors over a possible bid for German generics drugmaker Stada Arzneimittel (SAZ: Xetra).
The firm, which has a market value of $9 billion, added that that there were "a lot of uncertainties" in connection with the offer, saying that earlier reports of a bid of 70 euros ($78) per share were not true.
The Stada board recently indicated it was happy with an offer of 5.3 billion euros ($5.9 billion) to be bought by private-equity companies Bain Capital, from the USA, and London-based Cinven.
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