Stada management receives 58 euro/share takeover offer from Advent: Reuters

Buyout firm Advent International made a legally binding 3.6 billion euro ($3.8 billion) takeover offer for Germany’s Stada Arzneimittel (STAGn.DE), giving its management until Monday to respond.

The offer, which was not extended to shareholders directly, is for 58 euros per share in cash plus the dividend for 2016, Stada said in a statement on Thursday.

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

Previous expressions of interest in Stada, which went as high as 58 euros per share, have been non-binding.