August 24, 2017 / 4:13 PM / a month ago

Activist investor Elliott holds almost 10 pct of Stada in wake of buyout

FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake/File Photo

FRANKFURT (Reuters) - Stada STAGN.DE said on Thursday that Paul Singer, founder of activist investors Elliott, held nearly 10 percent of the generic drugmaker following a recent private equity buyout.

Bain Capital and Cinven last week won control of Stada with a sweetened 5.3 billion euro ($6.3 billion) bid, in the largest takeover of a listed German company by buyout firms.

But Stada said on Thursday that Singer held 9.6 percent of the company’s shares as of Aug. 18, putting to rest speculation that he had tendered his shares to Bain and Cinven.

Bain and Cinven acquired 63.8 percent of Stada during the takeover process.

Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Susan Fenton

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