Bain, Cinven yield to Elliott's Stada share price demands

Elliott announced last week that it would not support Bain and Cinven's domination and profit and loss pooling agreement (DPLTA) for less than €74.4 per share.

Bain and Cinven announced via their bidding company Nidda Healthcare that while they believe the value of Stada is below what Elliott is demanding, they recognise the need for stability and therefore recommend that the board pays the higher price.

The statement adds that a successful DPLTA is essential for the debt syndication process and the cost of future funding for Stada.

The bidders announced on 25 August that they had entered into domination and profit and loss pooling negotiations with Stada. The GPs offered €66.25 per share as part of their offer.

Elliott held a stake of 11.43% in the company as of 28 August, according to publicly available information.

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