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German generic drug maker Stada on Thursday said its Supervisory Board rejected two competing private equity takeover bids and said it was willing to give the groups more time to sweeten their offers.

Stada said in a statement:

The Executive Board and the Supervisory Board mutually agree that the indicative bids do not yet reflect the fundamental value of Stada. Thus, the company, for the time being, wants to provide the bidders the opportunity to increase their offers.

The development came after the Financial Times reported earlier this week that a consortium that consists of Advent International and Permira and one comprised of Bain Capital and Cinven each made formal €58 a share offers for the company this week. Both bids include a plan to cover Stada’s dividend payments as well as a commitment to create an investment agreement that lays out specific promises to the company’s workforce and growth strategy.

The company also said it objects to reports that the delay in the process was intended to make it possible for other private equity company and a strategic investor to enter the process.

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