Bain, Cinven still short of Stada acceptance threshold

The consortium submitted a new bid at the improved offer price of €66.25 per share after its initial offer of €66 per share fell 2.3% short of the acceptance threshold.

The new offer comprises a cash consideration of €65.53 per share plus a dividend of €0.72 per share and the acceptance period ends on 16 August.

Bain and Cinven previously expressed the view that the low acceptance rate for the previous bid was largely due to a lower than expected level of tender participation by Stada's large retail and index funds shareholder base, which were unable to tender their shares during the tender period. 

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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