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Shares in Stada Arzneimittel jumped as much as 14 per cent on Monday morning after a €3.5bn bid from private equity group Cinven sparked a bidding war for the German pharmaceuticals group.
Stada, which manufactures generic copies of drugs such as Viagra, is currently weighing up its options after confirming it had received two offers for the company after a year-long activist campaign to improve its governance and profitability.
Shares in the group were up 13.7 per cent at publication time, to €56.52, above the €56 per share offer from Cinven.
Read the full FT story from last night: