As the Stada turns: Bain Capital, Cinven submit new bid
July 11, 2017
Stada (ETR: SAZ) has announced its support of a new takeover offer submitted by Bain Capital and Cinven, about two weeks after a bid from the two firms for the German pharmaceutical provider fell through due to a lack of shareholder approval. Bain Capital and Cinven’s new offer is €66.25 per share, up from €66, and values Stada at about €4.12 billion, an increase of €16 million from its earlier proposal.
Stada’s ongoing sale process has played out publicly since February, with Bain Capital and Cinven initially emerging victorious in April before their bid was later shot down. After receiving a waiver from German regulators to pursue a new deal so shortly after their first failure, the two firms have now reduced the shareholder approval required for their proposal from 67.5% to 63%. As part of the knock-down, drag-out saga, two top-level Stada executives resigned their positions last week.