Stada Arz now has binding offer from Advent

23 February 2017

Stada Arzneimittel (SAZ: Xetra) says it has today received a legally binding offer from Advent International Corp regarding the acquisition of up to 100% of the German generic drugmaker.

The takeover price is 58.00 euros per Stada share in cash plus dividend 2016 (dividend payment 2015 amounted to 0.70 euros per share), equal to around 3.6 billion euros ($3.8 billion) in total. Stada’s shares edged up 0.69% to 58.00 euros by 15.30 CET today.

The offer is limited until Monday, February 27, 2017, and subject to the approval of the company’s executive board. It values the non-binding offer that Stada confirmed last week without mentioning a price, and also news of an additional non-binding expression of interest from another unnamed company, though thought to be Bain Capital. Both offers come in addition to the first takeover approach from Cinven Partners of 56.00 euros per share.

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