Stada Arz says current bids inadequate

German generic drugmaker Stada Arzneimittel (SAZ: Xetra) yesterday confirmed current media reports that the expert sessions which were planned as part of the structured bidding process have been postponed based on the decision of the supervisory board.

Last month, Stada revealed it had received a bid from private equity firm Cinven Partners of 56.00 euros per share, and subsequently confirmed an approach from Advent International Corp, but did not reveal any offer price. It received an additional non-binding expression of interest from another unnamed company, though thought to be Bain Capital.

Later in February Stada received a legally binding offer from Advent regarding the acquisition of up to 100% of the company. 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. The offer was limited until February 27, 2017