A planned €4.1bn private equity takeover of Stada, the German drugmaker, has collapsed,  as private equity groups Bain Capital and Cinven failed to win the required shareholder acceptances.

Indeed the two firms  failed to reach the threshold for  just 2 per cent short of their target.
They had to secure backing from the holders of 67.5 per cent of Stada shares for their €66 per share offer, however the consortium manage to win support from the holders of 65.52 per cent of shares.

This result signed the end of what would have been Europe’s biggest leveraged buyout of a listed company in four years.

As Cinven and Bain already amended theri offer ones, when they fell short of a higher threshold of 75 per cent of shares, according to German takeover rules  Bain and Cinven cannot amend their offer a second time. They could make a renewed bid but only with Stada’s approval within a year of the first attempt failing.
Now the question according to some local trader is if former bidders, Advent and Permira, emerge again or if Bain and Cinven try a second bid.

Source: The New York Times