BAD VILBEL (dpa-AFX) - STADA Arzneimittel AG (STDAY.PK, STDAF.PK) said that it's Executive Board and Supervisory Board have published their reasoned joint statement on the renewed voluntary public takeover offer by Nidda Healthcare Holding AG, the acquiring company of Bain Capital and Cinven Partners LP, for all outstanding shares in STADA.
Both boards conducted a thorough review of the offer document and have reached the conclusion that the renewed takeover offer is in the best interest of the company and all of its stakeholders. For this reason, the Executive Board and the Supervisory Board have recommended that STADA shareholders accept the renewed offer.
Both the boards have pointed to the financial attractiveness of the renewed takeover offer. With a financial consideration of Euro 66.25 per share - consisting of Euro 65.53 offer price plus a dividend of Euro 0.72 - the total offer price is Euro 0.25 higher than in the initial offer.
It also offers shareholders an attractive premium of 49.5 percent on the last uninfluenced price of the STADA share. Further, the minimum acceptance threshold has been reduced to 63 percent and is thus below the acceptance rate of the initial offer.
STADA noted that the bidder already has binding tender commitments from various investors in the amount of about 20 percent of outstanding STADA shares.
'The Executive Board has reached the conclusion that the current offer appropriately reflects both the enterprise value and the growth potential of STADA. Bain Capital and Cinven are two financially strong partners with extensive industry expertise who have committed themselves to our strategy and with whom the growth and profitability of STADA will be driven significantly forward in the coming years,' said Engelbert Coster Tjeenk Willink, Chairman of the Executive Board at STADA.
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