Advent says interested only in friendly Stada deal: Reuters

Private equity firm Advent has no interest in a hostile approach to German generic drugmaker Stada Arzneimittel, a spokeswoman for Advent said on Monday.

“Advent is interested only in a friendly transaction,” she said.

Stada has become the subject of a bidding war between Advent, Cinven and a third group that sources have identified as Bain Capital.

Advent had given Stada’s management until Monday to respond to its offer, but two people familiar with the matter have told Reuters that the group will not withdraw its offer once the deadline expires but will participate in a structured bidding process.