(Yicai Global) May 17 -- Shanghai Pharmaceuticals Holding Co. [SHA:601607] has dismissed speculation that it made a joint-bid with an overseas investment company to acquire German drug maker Stada Arzneimittel AG [FWB:SAZ].
With 'going global' as one of its key strategies, the Chinese company has been eyeing opportunities to make quality acquisitions abroad, it said today. The firm has been in talks with a number of financial investors about a potential buyout of Stada, but has not made an official offer given uncertainties over their cooperation.
Reports of a EUR70-a-share (USD77.7) are not true, it said.
The acquisition does not involve material asset reorganization, asset purchases or sales, or outbound investments that would require deliberation at a shareholders' meeting.
Bloomberg yesterday cited insiders as saying Advent International Corp. and Shanghai Pharmaceuticals were weighing a joint offer for Stada, potentially worth EUR70 a share. However, no final decisions have been made and the companies may not decide to extend the offer.
The price would beat a EUR5.3 billion (USD5.8 billion) offer made by Bain Capital LP and Cinven, which Stada accepted in April.