Kirkland Advises Bain Capital and Cinven in Record Public Tender Offer to Stada

Kirkland & Ellis International LLP is advising private equity investors Bain Capital and Cinven in a joint public takeover offer for German pharmaceutical company Stada Arzneimittel AG (Stada). Bain Capital and Cinven offer EUR 65.28 plus a dividend of EUR 0.72 per Stada share. The executive board and the supervisory board of Stada announced today that they have decided to support the offer by Bain Capital and Cinven.

With a total value of approximately EUR 5.3 billion, the takeover is likely to be the largest private equity transaction ever realized in the German market.

The offer by Bain Capital and Cinven estimates Stada’s equity value at approximately EUR 4.11 billion plus dividend and the company's value at about EUR 5.32 billion. Bain Capital and Cinven expect a minimum acceptance threshold of 75 percent, further usual conditions and an offer period of six weeks.

As legal advisors to the bidding consortium, Kirkland brings its many years of experience advising on numerous large-scale private equity transactions and its proven experience in public takeover law and financing issues. Just a few days ago, Kirkland’s Munich office announced its successful advice on the public takeover of Biotest AG by Creat Croup Corporation, with an transaction value of more than EUR 1 billion.

The Kirkland team consisted of Munich corporate partners Jörg Kirchner and Benjamin Leyendecker, Achim Herfs and Anna Schwander, debt finance partner Wolfgang Nardi and tax partner Oded Schein, as well as in London corporate partners James Learner, Gavin Gordon and Valerie Goldstein, debt finance partners Stephen Lucas, Neel Sachdev and Christopher Shield, capital markets partner Matthew Merkle, antitrust and competition partner Sarah Jordan and technology & intellectual property transactions partner Emma Flett.