Stada bidders Advent and Permira dismiss banks advising bid - report (translated)
30 MAY 2017
Stada bidders Advent and Permira have dismissed the banks advising them in their consortium bid for the German pharmaceutical company, Frankfurter Allgemeine reported.
The German-language daily cited unidentified sources as saying that Advent and Permira have dissolved the relationships with their advisors in the matter, making it unlikely that they will put forward a counter-bid to the wining offer from another private equity consortium consisting of Bain and Cinven.
The report said the bidding duel that happened between an Advent/Permira consortium and a Bain/Cinven consortium resulted in the latter emerging victorious, offering EUR 66 per share for a total EUR 5.3bn value.
Nonetheless, Advent and Permira had been thought to be considering coming back with a higher offer in cooperation with a company active in the pharma sector, the report said. It said the two bidders are thought to have talked with Chinese medicine producer Shanghai Pharma on a possible joint bid for Stada.
The article said the talks with Shanghai Pharma are now thought to have been called off. Advent's advisors had been Bank of America Merrill Lynch and Morgan Stanley, while Permira's had been Credit Suisse and Goetzpartners, the report said.