STADA Arzneimittel AG’s €1.8 Billion delisting

Kirkland & Ellis advises Bain Capital Private Equity (Europe) LLP and Cinven Partners LLP on a public delisting tender offer for all remaining shares of STADA Arzneimittel AG.

The offer price equals to the six months weighted average stock exchange price estimated to be EUR 81.83 per STADA share. The total value of the offer amounts to approx. EUR 1.8 billion. Two shareholders under joint control have already undertaken to accept the offer with all shares held by them (approx. 12% of the outstanding STADA shares). STADA was also instructed to apply for the revocation of the admission of all STADA shares and STADA bonds to stock exchange trading. The delisting shall enable STADA to save the costs related to the stock exchange listing and to reduce the regulatory expenses.

Funds jointly held by Bain Capital and Cinven control Nidda Healthcare GmbH, which is currently STADA’s majority shareholder with around 65% of STADA’s shares. In December 2017, Nidda Healthcare entered into a domination and profit and loss transfer agreement with STADA, which became effective in March 2018.

The Kirkland team was led in Munich by corporate partners Benjamin Leyendecker (Picture) and Jörg Kirchner and associates Philip Goj and Samuel Frommelt; capital markets partner Anna Schwander and associate Isabel Ruttloff; and in London by finance partners Neel Sachdev and Daniel Borg; capital markets partner Matthew Merkle; and corporate partner Jacob Traff and associates Stefan Arnold-Soulby, Derrick Sutter and Lloyd Jones.

 

Involved fees earner: Benjamin Leyendecker – Kirkland & Ellis; Jörg Kirchner – Kirkland & Ellis; Philip Goj – Kirkland & Ellis; Samuel Frommelt – Kirkland & Ellis; Jacob Traff – Kirkland & Ellis; Stefan Arnold-Soulby – Kirkland & Ellis; Derrick Sutter – Kirkland & Ellis; Lloyd Jones – Kirkland & Ellis; Anna Schwander – Kirkland & Ellis; Isabel Ruttloff – Kirkland & Ellis; Matthew Merkle – Kirkland & Ellis; Neel Sachdev – Kirkland & Ellis; Daniel Borg – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Bain Capital; Cinven;