FRANKFURT (Reuters) - Private equity firms Advent and Permira are not planning to tie up with Shanghai Pharmaceuticals (601607.SS) to make a counter bid for German generics drugmaker Stada Arzneimittel (STAGn.DE), four people familiar with the matter told Reuters on Wednesday.
Frankfurt-listed shares in Stada (STAGn.F) fell 2 percent on the news to 64.20 euros each, below last month’s 66 euros-per-share bid from buyout groups Bain Capital and Cinven that values the group at about 5.3 billion euros ($5.9 billion).
The bid, which beat a rival consortium comprising Advent and Permira, runs until June 8 and any counter offer would have to be submitted by Friday at the latest to make sure it can be approved and presented to Stada shareholders in time.
Talks among Advent, Permira and Shanghai Pharmaceuticals, which earlier this month said it may make an offer for Stada, failed because no agreement could be reached over price, the people said.
Shanghai Pharmaceuticals would have taken a minority stake in Stada as part of the consortium, the people said, adding it was unlikely the group would look for new partners in order to make a bid.
Stada, Advent and Permira declined to comment. Shanghai Pharmaceuticals was not immediately available for comment.
Additional reporting by Arno Schuetze; Writing by Christoph Steitz; Editing by Elaine Hardcastle