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Advent, Shanghai Pharma have not approached Stada - sources

Reuters  |  FRANKFURT/LONDON 

By Alexander Hübner and Pamela Barbaglia

FRANKFURT/(Reuters) - German drug company Arzneimittel AG has not been approached by International or Pharmaceuticals Holding <601607.SS> with counter offer, two sources close to the matter told on Monday.

Rival buyout firms Bain and Cinven had offered to buy in April, which seemed to end the contest to acquire the generic drug maker, but Bloomberg reported on Monday that and Pharmaceuticals are considering making an offer. (https://bloom.bg/2pPpTni).

Bain and Cinven's offer of 65.28 euros per share and dividend of 0.72 euros per share was surprisingly large increase on previous bid and valued the company at about 5.3 billion euros ($5.81 billion).

Bloomberg reported that and Pharmaceuticals are discussing potential bid of about 70 euros share, citing people familiar with the matter.

However, Reuters' sources said fresh bid from the duo is unlikely.

"Pharmaceuticals is expected to struggle to secure the financing for possible counterbid," the sources said. "They don't have much time left to challenge Bain and Cinven."

and declined to comment and was unable to contact Pharmaceuticals outside business hours.

($1 = 0.9120 euros)

(Additional reporting by Subrat Patnaik in Bengaluru; Editing by David Goodman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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