February 12, 2017 / 9:58 PM / 5 months ago

Drugmaker Stada confirms takeover bid from two companies

2 Min Read

Feb 12 (Reuters) - German generic drugmaker Stada said it has received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP.

Cinven is offering a price of 56 euros per Stada share.

Stada did not mention the name of the other bidder.

The company said it is still weighing its options and says it is "not possible to foresee whether a takeover offer from Cinven or the other potential bidder will materialise."

The Financial Times earlier reported that Stada had received an offer from Cinven for 58 euros per share, valuing the bid at 3.6 billion euros. on.ft.com/2klkdOM

In August, the chief executive of Stada, Matthias Wiedenfels, under pressure from activist investors to reform the company's governance and replace board members, promised a more modern, dynamic approach to running the company.

Stada steered clear of major merger deals last year as the generic drug industry began consolidating to cut costs, driven by larger players including Teva and Allergan.

Stada had focused instead on branching out into branded consumer care and cosmetics products as well as diagnostics kits. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Andrea Ricci)

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