Advent International entered the ring for German drugmaker Stada Arzneimittel with a $3.8 billion takeover offer, giving company management until Monday to respond, according to a Reuters article.
Stada is in the middle of a bidding war between Cinven, Advent and a third buyout group that sources call Bain Capital.
Advent's binding bid, which was not offered to shareholders, is for 58 euros per share in cash plus the dividend for 2016. It is limited until Monday and subject to the approval of Stada's executive board, Stada said. Previous non-binded bids were 56 euros per share from Cinven, sources said, and 58 euros from Bain.
If the management board approves the offer, it could soon be extended to shareholders, but Stada said it would not rule out other options.
Read the Reuters story