Stada Arzneimittel announced Monday that it agreed to sell itself to private-equity firms Bain Capital and Cinven for 5.3 billion euros ($5.6 billion) having determined that the bid was “the most financially appealing” versus a competing offer. The deal with Bain Capital and Cinven is worth 66 euros ($69.87) per share, consisting of the offer price of 65.28 euros ($69.10) plus an expected dividend of 0.72 euros ($0.76).
Ferdinand Oetker, chairman of Stada’s supervisory board, commented: “The offer contains the most attractive overall combination,” adding “in addition to the highest price we were able to reach comprehensive protection provisions especially for our employees and to initiate a future-oriented growth strategy.”
Commenting on the deal, Stada CEO Matthias Wiedenfels said: “We have reached a result with a high level of certainty in the transaction and a secure financing for the offer.” Wiedenfels said he hopes to remain in the chief executive position after the transaction is completed.
The drugmaker indicated that the parties signed an investor agreement, under which the private-equity firms have committed themselves to Stada‘s “extensive protection provisions for the employees, production sites and the corporate strategy.”