Deals
Stada Accepts $5.6 Billion Takeover Offer From Bain, Cinven
- Price is 49% above level in December, before takeover talks
- Firms pledge to avoid layoffs for four years, Stada says
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Stada Arzneimittel AG agreed to sell itself to Bain Capital and Cinven for 5.3 billion euros ($5.6 billion), giving the private equity firms control of one of the last independent generic-drug businesses in Europe after a long-fought takeover contest.
Bain Capital and Cinven will offer 65.28 euros plus a dividend of 0.72 euros per Stada share, the Bad Vilbel, Germany-based drugmaker said in a statement Monday. That’s about 49 percent higher than the price in December, when talk of a takeover first surfaced, it said. Stada shares soared to their highest on record following the announcement.