The two private equity consortia bidding to acquire German pharmaceuticals company Stada have been asked to improve their offers.
Advent International has teamed up with Permira and Bain Capital with Cinven in two joint bids to acquire the business. Both have offered €58 per share, Reuters has reported. Advent, Bain and Cinven all previously made individual offers, Advent and Bain at €58 and Cinven at €56.
“The executive board and the supervisory board mutually agree that the indicative bids do not yet reflect the fundamental value of Stada. Thus, the company, for the time being, wants to provide the bidders the opportunity to increase their offers,” Stada said in a statement.
Advent, Bain, Cinven and Permira all declined to comment or were not immediately available to comment.