Buyout firm Advent International Corp and Shanghai Pharmaceuticals Holding Co (601607.SS) are considering making an offer for German drug company Stada Arzneimittel AG (STAGn.DE), Bloomberg reported on Monday.Advent and Shanghai Pharmaceuticals are discussing a potential bid of about 70 euros a share, Bloomberg reported, citing people familiar with the matter.No final decisions have been made and the companies could decide against a bid, the report said.
An offer from the duo could rekindle a bidding war for generic drugmaker Stada.
Rival buyout groups Bain Capital and Cinven have been vying with a consortium comprising Advent and Permira for control of Stada. Bain and Cinven had offered to buy Stada in April with an offer of 65.28 euros per share and a dividend of 0.72 euros per Stada share. Their surprisingly large increase on a previous bid valued the company at about 5.3 billion euros ($5.81 billion).
Advent and Stada declined to comment and Reuters was unable to contact Shanghai Pharmaceuticals outside business hours.($1 = 0.9120 euros) (Reporting by Subrat Patnaik in Bengaluru; Editing by David Goodman)
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Published Date: May 16, 2017 00:15 AM | Updated Date: May 16, 2017 00:15 AM