Bain and Cinven still 17% short on Stada offer

There will not be an extension period as this would require substantial changes to the terms of the offer, which would need regulatory approval, according to a source close to the situation. The source added that Stada's upcoming AGM also creates technical issues that complicate the possibility of an extension being granted.

The previous failed bid was extended and a statement noted that some index funds were unable to tender their shares during the original period.

Stada's CEO has called on funds with significant stakes not to "play any games" by holding out for a higher price, according to the source.

The bidders think the failure of the previous bid was largely due to a lower than expected level of tender participation by Stada's large fund shareholder base, which were either unable to tender their shares during the tender period or were holding out for a higher price, according to the source.

The €66.25 per share offer, which was recommended by Stada's board on 25 July, comprises a cash consideration of €65.53 per share and a dividend of €0.72 per share. The acceptance period ends at midnight on 16 August.

Stada released its annual results at the start of August, reporting €202.3m in adjusted EBITDA from €1.14bn in sales for H1 2017 – up 17% and 10% on H1 2016 respectively.

Read more: Take-privates back on PE's shopping list

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