After failing to win the shareholder support needed to complete a €5.32 billion buyout, Stada is changing key executives. The German firm announced the resignations of CEO Matthias Wiedenfels and CFO Helmut Kraft after the board meeting on Tuesday and soon appointed new management.
A former Boehringer Ingelheim exec, Engelbert Coster Tjeenk Willink will serve as interim CEO, Stada said on Tuesday. The company also decided to use the services of Bernhard Düttmann, who served as CFO at Lanxess and Beiersdorf.
The executive changes are the latest in a dramatic scenario for the German company. After several months of negotiations on the purchase of Stada, company agreed in May to buyout by investment firms Bain and Cinven at €66 a share. But that proposed deal did not receive sufficient support from shareholders in last week’s vote.
Boston’s Bain and London’s Cinven are not the only companies that have shown interest in the German generic developer. During months of buyout talks, Boston private investment company Advent International put forward a proposal of $ 3.7 billion. However, having received an offer from Advent, the German company said that it will continue to consider other offers and will continue to play on the stock market.