BERLIN, Apr 10 (APM) - Germany's Stada has agreed to a 5.3 billion euros takeover offer from private equity consortium Bain Capital and Cinven, Stada said on Monday.
Rival firms Advent and Permira have been battling Bain and Cinven for control of the drugmaker. Both were reported in recent weeks to have made offers of 3.7 billion euros. (APMMA 52293).
"Over the past months, we have carried out a structured bidding process and achieved a significant improvement in the bids through joint, trustful negotiations with the bidding consortia. We have thus created approximately 750 million euros in additional value for our shareholders since the beginning of the process," said Stada CEO Matthias Wiedenfels, in a statement.
The 65 euros-a-share offer culminates a tumultuous year for the company which has seen its shareholders oust its supervisory board chairman (APMMA 49317), its CEO resign (APMMA 49165) and its replacement CEO, Wiedenfels, wire tapped (APMMA 52452).
Stada, a generics, over-the-counter and biosimilars group, said on Monday, the offer corresponds to an approximate 48% premium to the share price on December 9, 2016, reached before the first specific rumours about a takeover surfaced.
The location of Stada's headquarters and of the sites of key business units is to remain unchanged, Stada said.
Additionally Bain Capital and Cinven have said they will "broadly" refrain from business-related layoffs beyond those already incorporated into the current business plans, for four years.
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