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Cinven's M&A Ambitions Over Stada Under Scrutiny, Advent and Others Circle

 
• By Sten Stovall

By stalking Stada, Cinven seems to be planning to use the German generics group as a base that can support later carve-outs of mature and undervalued products from larger pharma companies - but it faces a rival bidder in Advent, and more suitors could yet appear.

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Having "crunched its numbers" and done initial due diligence, private equity group Cinven has approached troubled Stada Arzneimittel AG with a takeover offer of €56 per share that observers believe aims to create value through industry consolidation, using the German target as a core structure around which future acquisitions would coalesce.

But while Stada seems relatively easy prey after board-level changes at the group last year, the arrival upon the scene...

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