The two firms were banned from approaching the company for a year following the failure of their first offer, which did not reach the required shareholder acceptance threshold. The two firms narrowly failed to reach the required 67.5 per cent, securing just 65.5 per cent.
As required under German takeover law, Stada has also given its permission for a second bid.
The new offer price is €0.25 higher at €66.25 per share and the minimum acceptance threshold is lower at 63 per cent. It values Stada at around €4.12bn.
“We believe that enabling Bain Capital and Cinven to submit an improved offer is in the best interest of the company and our shareholders”, said chair of Stada’s executive board Engelbert Coster Tjeenk Willink.
“The offer reflects Stada’s growth potential. The improvements in the form of financial consideration and the commitments to our employees, our locations and our corporate strategy are showing us that Bain Capital and Cinven are highly interested in developing Stada together with us. The reduced minimum acceptance threshold as well as shareholders who obliged to tender about 20 percent of shares also ensure high transaction security,” he said.
Based near Frankfurt, Stada manufactures generic versions of drugs whose patents have expired and also some branded products. It has a presence in around 30 countries and reported sales of €2.14bn in 2016.