Buyout groups lower acceptance threshold for Stada takeover: Reuters

Buyout groups Bain Capital and Cinven have lowered the minimum acceptance threshold for their takeover offer for German drugmaker Stada‘s (STAGn.DE) shares, they said on Wednesday.

The tender offer for the agreed 5.3 billion euro ($5.95 billion) deal runs through June 8 and was conditional on securing 75 percent of Stada’s shares.

But Bain Capital and Cinven said in a statement on Wednesday they were cutting that threshold to 67.5 percent and extending the acceptance period until June 22.

People close to the deal had said that passing the set threshold may prove a challenge given the large number of shares held by retail investors, who are more likely to forget to tender than institutional stockholders, as well as by index tracking funds that cannot tender for technical reasons.