UPDATE 1-Advent, Shanghai Pharma have not approached Stada -sources - Reuters News

15-May-2017 19:53:44

Recasts, changes sourcing, adds background

By Alexander Hübner and Pamela Barbaglia

FRANKFURT/LONDON, May 15 (Reuters) - German drug company Stada Arzneimittel AG STAGn.DE has not been approached by Advent International or Shanghai Pharmaceuticals Holding 601607.SS with a counter offer, two sources close to the matter told Reuters on Monday.

Rival buyout firms Bain and Cinven had offered to buy Stada in April, which seemed to end the contest to acquire the generic drug maker, but Bloomberg reported on Monday that Advent and Shanghai Pharmaceuticals are considering making an offer. (https://bloom.bg/2pPpTni).

Bain and Cinven's offer of 65.28 euros per share and a dividend of 0.72 euros per Stada share was a surprisingly large increase on a previous bid and valued the company at about 5.3 billion euros ($5.81 billion). (Full Story)

Bloomberg reported that Advent and Shanghai Pharmaceuticals are discussing a potential bid of about 70 euros a share, citing people familiar with the matter.

However, Reuters' sources said a fresh bid from the duo is unlikely.

"Shanghai Pharmaceuticals is expected to struggle to secure the financing for a possible counterbid," the sources said. "They don’t have much time left to challenge Bain and Cinven."

Advent and Stada declined to comment and Reuters was unable to contact Shanghai Pharmaceuticals outside business hours.

($1 = 0.9120 euros)

Kerrisdale Advisers discloses updated portfolio positions in 13F filing: Closed position in HAIN

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: GIMO (~0.55 mln shares), PSTG (~0.05 mln)
• Increased positions in: CTSH (to ~0.32 mln shares from ~0.25 mln shares), PANW (to ~0.05 mln from ~0 mln), FRGI (to ~0.12 mln from ~0.1 mln)
• Closed positions in: HAIN (from ~0.16 mln shares), SPGI (from ~0.04 mln)
• Decreased positions in: LXFT (to ~0.28 mln shares from ~0.42 mln shares), CHKP (to ~0.03 mln from ~0.16 mln), EBAY (to ~0.23 mln from ~0.28 mln)

Maverick Capital discloses updated portfolio positions in 13F filing with new USFD EVHC KHC WBA WYNN STZ positions

 Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: USFD (~4.75 mln shares), EVHC (~3.07 mln), KHC (~1.15 mln), WBA (~1.01 mln), WYNN (~0.92 mln), STZ (~0.77 mln), SBAC (~0.62 mln), LVS (~0.51 mln), SLM (~0.24 mln), AXL (~0.14 mln), FCAU (~0.12 mln), CSFL (~0.11 mln), IPXL (~0.11 mln), TER (~0.1 mln)
• Increased positions in: TSO (to ~3.41 mln shares from ~0.04 mln shares), USB (to ~3.65 mln from ~0.87 mln), BUD (to ~1.63 mln from ~0.21 mln), DLTR (to ~4.36 mln from ~3.5 mln), VMC (to ~2.62 mln from ~2.05 mln), ADBE (to ~4.26 mln from ~3.79 mln), CI (to ~2.46 mln from ~2.01 mln) MLM (to ~0.77 mln from ~0.45 mln), SHPG (to ~1.62 mln from ~1.43 mln), GOOG (to ~0.37 mln from ~0.27 mln)
• Closed positions in: CNC (from ~1.4 mln shares), TMUS (from ~0.81 mln), TDG (from ~0.78 mln), INSY (from ~0.27 mln), SC (from ~0.24 mln), MYGN (from ~0.19 mln), EXPR (from ~0.11 mln), FTI (from ~0.09 mln), SEE (from ~0.07 mln)
• Decreased positions in: NWL (to ~3.26 mln shares from ~6.39 mln shares), PFE (to ~19.83 mln from ~22.85 mln), SABR (to ~18.21 mln from ~20.75 mln), AXP (to ~0.01 mln from ~2.34 mln), MYL (to ~1.55 mln from ~3.8 mln), LRCX (to ~0.02 mln from ~1.8 mln), FLT (to ~0.43 mln from ~1.74 mln), AET (to ~0.99 mln from ~2.23 mln), UHS (to ~4.95 mln from ~6.13 mln)

Sandell Asset discloses updated portfolio positions in 13F filing with new MGI WGL MJN WOOF positions

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: MGI (~1.21 mln shares), WGL (~0.2 mln), MJN (~0.13 mln), WOOF (~0.12 mln)
• Increased positions in: BRCD (to ~2.04 mln shares from ~1.28 mln shares), NXPI (to ~0.26 mln from ~0.2 mln)
• Maintained positions in: YHOO (~1.08 mln shares), ALLY (~0.55 mln shares), CIT (~0.34 mln shares), CAG (~0.27 mln shares), LVLT (~0.18 mln shares)
• Decreased positions in: VIAV (to ~0.66 mln shares from ~2.53 mln shares), BOBE (to ~0.97 mln from ~1.26 mln)

Eton Park Capital (Eric Mindich) discloses updated portfolio positions in 13F filing: Closed out FITB, CMA positions

 Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: EA (~0.2 mln shares)
• Closed positions in: AWI (from ~2.31 mln shares; also previously had puts), FITB (from ~2.3 mln), CMA (from ~2.07 mln), CIE (from ~1.97 mln), MOMO (from ~1.4 mln), IMPV (from ~0.66 mln)
• Decreased positions in: BAC (to ~2.19 mln shares from ~6.23 mln shares; also previously had calls), MS (to ~0.7 mln from ~3.13 mln), DVMT (to ~0.15 mln from ~1.65 mln), NXPI (to ~2.02 mln from ~3.37 mln), RAI (to ~2.23 mln from ~3.46 mln), WR (to ~0.87 mln from ~2.02 mln), CDK (to ~0.99 mln from ~1.56 mln), KMI (to ~2.64 mln from ~3.21 mln; also previously had calls), V (to ~1.24 mln from ~1.49 mln)

Brahman Capital Corp discloses updated portfolio positions in 13F filing: new NRG CSX positions

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: NRG (~9.99 mln shares), CSX (~5.53 mln), JELD (~2.17 mln), ARD (~1.34 mln)
• Increased positions in: TWX (to ~2.42 mln shares from ~1.77 mln shares)
• Maintained positions in: SIRI (~55.42 mln shares), INFO (~5.68 mln shares), Q (~5.25 mln shares), CHTR (~1.59 mln shares), EXPE (~1.29 mln shares), SPB (~1.03 mln shares)
• Closed positions in: LVLT (from ~3.95 mln shares), EBAY (from ~2.82 mln)
• Decreased positions in: HLT (to ~2.17 mln shares from ~6.51 mln shares)

Omega Advisors (Leon Cooperman) discloses updated portfolio positions in 13F filing: New TPH FRAC positions, increased TIME MGM FB positions

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: TPH (~3.66 mln shares), FRAC (~2.19 mln), WPX (~2.05 mln), CLF (~1 mln), AMCX (~0.83 mln), ALLY (~0.79 mln), CUZ (~0.5 mln), FBM (~0.5 mln), HCLP (~0.5 mln), WFT (~0.4 mln)
• Increased positions in: ZNGA (to ~7.07 mln shares from ~1 mln shares), NRZ (to ~1.27 mln from ~0.75 mln), TIME (to ~4.36 mln from ~3.89 mln), DISH (to ~1.1 mln from ~0.73 mln), ARRS (to ~1.68 mln from ~1.39 mln), HES (to ~1.16 mln from ~0.94 mln), DVMT (to ~0.65 mln from ~0.45 mln) MGM (to ~1.78 mln from ~1.58 mln), FB (to ~0.26 mln from ~0.07 mln), OMF (to ~0.94 mln from ~0.86 mln)
• Maintained positions in: FDC (~8.11 mln shares), AER (~2.14 mln shares), UAL (~1.66 mln shares), AIG (~1.43 mln shares), DOW (~1.36 mln shares), ASH (~0.54 mln shares)
• Closed positions in: GPOR (from ~1.02 mln shares), ETFC (from ~0.96 mln), WMB (from ~0.91 mln), NAO (from ~0.7 mln), ENT (from ~0.65 mln), APC (from ~0.35 mln), OMAM (from ~0.12 mln)
• Decreased positions in: HRG (to ~2.5 mln shares from ~7.11 mln shares), TRCO (to ~0.03 mln from ~1.79 mln), P (to ~1.91 mln from ~3.01 mln), NAVI (to ~2.74 mln from ~3.75 mln), SNR (to ~0.07 mln from ~0.51 mln), MSFT (to ~0.44 mln from ~0.8 mln), MDCA (to ~0.05 mln from ~0.3 mln), PVH (to ~0.4 mln from ~0.64 mln), WBA (to ~0.83 mln from ~0.93 mln)

Venbio (Biotech focus) discloses updated portfolio positions in 13F filing: new AVEO MDCO VIVE positions

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:

• New positions in: AVEO (~3.94 mln shares), MDCO (~1.19 mln), VIVE (~0.89 mln), PCRX (~0.41 mln), AXON (~0.38 mln), CLVS (~0.35 mln), AVXS (~0.23 mln), BPMC (~0.17 mln)
• Increased positions in: ARRY (to ~3.78 mln shares from ~0.16 mln shares), CPRX (to ~3.8 mln from ~1.14 mln), TLGT (to ~3.79 mln from ~1.66 mln), ALIM (to ~5.79 mln from ~4.03 mln), IMMU (to ~10.49 mln from ~9.26 mln), CASC (to ~1.82 mln from ~0.92 mln), MRTX (to ~2.38 mln from ~1.51 mln) FOLD (to ~4.85 mln from ~4.02 mln), DERM (to ~1.2 mln from ~0.77 mln), ACAD (to ~1.63 mln from ~1.49 mln)
• Maintained positions in: LBIO (~4.55 mln shares
• Closed positions in: BDSI (from ~0.64 mln shares), NBIX (from ~0.54 mln), BMY (from ~0.29 mln), ALXN (from ~0.17 mln), XNCR (from ~0.13 mln)
• Decreased positions in: NDRM (to ~0.59 mln shares from ~1.06 mln shares), AGEN (to ~3.37 mln from ~3.75 mln), AKBA (to ~0.46 mln from ~0.83 mln), SRNE (to ~1.19 mln from ~1.46 mln), FBIO (to ~1 mln from ~1.2 mln), AERI (to ~0.43 mln from ~0.61 mln)