FRANKFURT Feb 25 German generic drugs maker
Stada Arzneimittel said on Saturday it had started a
structured bidding process after receiving takeover bids from
three buyout groups.
"For this purpose, a data room has been established and the
potential bidders - three to date - have been invited to conduct
multi-stage due diligence," Stada said in a statement.
Stada has become the subject of a three-way bidding war
between Advent, Cinven and a third buyout group that
sources identified as Bain Capital.
Due diligence gives potential buyers access to the target's
books and data.
Activist investor AOC, Stada's biggest investor with a stake
of more than 5 percent, a called a day earlier for the company's
management and supervisory boards to run a non-biased,
transparent sales process.
(Reporting by Christoph Steitz; editing by David Clarke)