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  • Feb 27th, 2017
  • Comments Off on German drugmaker Stada opens books to rival bidders
German generic drugmaker Stada Arzneimittel is opening its books to potential acquirers after coming under pressure from its largest shareholder to consider various take-over approaches.

"For this purpose, a data room has been established and the potential bidders - three to date - have been invited to conduct multi-stage due diligence," Stada said in a statement on Saturday.

Due diligence gives potential buyers access to the target company's books and data.

Stada has become the subject of a bidding war between private equity firms Advent, Cinven and a third group that sources have identified as Bain Capital. Advent made a binding 3.6 billion euro ($3.8 billion) bid on Thursday and activist investor AOC, Stada's biggest single shareholder with a more than 5 percent stake, called a day later for the firm's boards to run a non-biased, transparent sales process.

Copyright Reuters, 2017


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