People

Aftermath effects of a failed offer

Just a few days after the failure of the voluntary public takeover offer by Bain Capital and Cinven for shares of STADA AG, the CEO Dr. Matthias Wiedenfels and the CFO Helmut Kraft informed the supervisory board that they will step down with immediate effect for personal reasons. It is probably no surprise to learn from the press release of STADA that the supervisory board was able to bring on board two new excecutives with immediate effect. Engbelbert Coster Tjeenk Willink has been appointed as successor to Dr. Wiedenfels, while Dr. Bernhard Düttmann will follow Helmut Kraft.

According to the chairman of the supervisory board Ferdinand Oetker, the operational business of the STADA is unaffected by this, and the company will not deviate from its operating and financial targets. STADA also confirms that Bain Capital and Cinven are considering to apply for an exemption from the one-year exclusion period for the submission of a renewed voluntary public takeover offer.