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Stada delays press conference to sort out minor accounting issue
March 21, 2017 / 4:16 PM / 8 months ago

Stada delays press conference to sort out minor accounting issue

FRANKFURT, March 21 (Reuters) - German generic drugmaker Stada, at the centre of a takeover battle between two private equity consortia, postponed a press conference on 2016 results by six days to fully take into account a smaller acquisition that will have a single-digit million euro effect on earnings.

The press conference, initially due March 23, is now rescheduled for March 29, Chief Executive Officer Matthias Wiedenfels told journalists in a conference call.

“This will be my first press conference on full-year results. I wanted to be extra careful,” the CEO said.

He added that more details on the bidding process would be released at the press conference in Frankfurt, but that the buyer would not be announced.

Stada, which also makes branded non-prescription treatments and diagnostic kits, on March 1 released preliminary unaudited results, saying fourth-quarter adjusted net income rose to 44 million euros ($46 million) from 39 million a year earlier, slightly above the average estimate of 42 million euros.

Wiedenfels would not say whether the revision of earnings would be upwards or downwards, or provide details on the takeover that prompted the adjustment. (Reporting by Ludwig Burger; Editing by Harro ten Wolde)

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