German generic drugs company Stada said on Thursday it had received another takeover approach, the third so far and at 58 euros per share, two euros up on rival suitor Cinven Partners‘ offer.
The company said earlier this week that the private equity investment firm had offered 56 euros per share, but it has not disclosed the price proposed by the second prospective private equity bidder, Advent International, and did not name the new, third suitor.
Advent is expected to submit a bid next week, sources in the financial industry have said.
Founded in 1895 in Dresden as a pharmacists’ cooperative, Stada is seeking to expand its non-prescription consumer care business. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices.
Earlier this week, the firm said it had invited Cinven and Advent to the negotiating table, after months of courtship.