FRANKFURT, Feb 24 (Reuters) - Activist investor AOC has called for Stada’s management and supervisory boards to run a non-biased, transparent sales process for the German generic drugs maker.
Stada on Thursday received a binding 3.6 billion euro ($3.8 billion) takeover offer from buyout firm Advent, which set a Monday deadline for management to respond.
The company should make sure not to accept the first, but only the highest offer, the company’s largest investor with more than 5 percent of the shares said in a statement on Friday.
It should invite both financial and strategic investors to conduct due diligence of Stada and provide a timeline for the process, AOC added.
$1 = 0.9427 euros Reporting by Arno Schuetze; Editing by Maria Sheahan