STADA Announces Structured Bidding Process; 3 Bidders To Date

(RTTNews) - STADA Arzneimittel AG (STDAY.PK) announced the convertion of ongoing open-minded talks with all interested parties started on 13 February into a structured bidding process.

STADA has invited the potential bidders - three to date - to conduct multistage due diligence. Bidders for STADA include Advent International Corp. offering EUR 58.00 per STADA share in cash plus dividend 2016. Earlier, Cinven Partners LLP offered takeover price of 56.00 euros per STADA share. The company did not disclose details about the other bidder. STADA also noted that this process is open to further interested parties.

Last week, STADA's Supervisory Board established an ad hoc committee, which consists of five members and headed by Supervisory Board Chairman Ferdinand Oetker, for an efficient decision making process for transactions requiring approval.

STADA stated that the value of the strategic concepts of the interested parties as well as their willingness to grant protective mechanisms for stakeholders will also be examined. STADA plans to keep the capital market regularly updated on tangible developments.

STADA closed Friday's trading session at EUR 57.47.