Elliott builds up Stada stake as Bain, Cinven circle
July 13, 2017
Drug Discovery | Bad Vilbel, Germany
Activist investor Elliott Management has built an 8.7% stake in Stada, the pharmaceutical company subject to a renewed takeover attempt by Bain Capital and Cinven. The hedge fund holds 6.71% of the generic drugmaker's shares, as well as 1.98% in options. Earlier this week, Bain and Cinven increased their Stada bid by around €16 million, valuing the business at roughly €4.1 billion, after regulator BaFin exempted them from the mandatory one-year exclusion period for renewed offers.