Stada’s 2017 takeover sparks 44 lawsuits from disgruntled minority shareholders
A long-running legal battle over Stada Arzneimittel AG’s 2017 takeover has seen fresh developments. Former minority shareholders continue to push for extra compensation, with multiple court rulings now shaping the dispute. Meanwhile, private equity firms Bain Capital and Cinven have fully exited their investment after eight years.
The conflict began when Bain and Cinven acquired Stada in 2017, offering former minority shareholders a fixed price. Since then, 44 cases have been filed by former investors demanding additional payments. Two key rulings from the Higher Regional Court (OLG) Frankfurt am Main rejected claims from Nidda Healthcare, a Luxembourg-based asset manager seeking around €4.7 million—the difference between the takeover bid and a guaranteed minimum compensation. The OLG dismissed Nidda’s appeal, stating the claim had not expired and that invoking the statute of limitations was done in bad faith.
In another case, an individual shareholder is pursuing nearly €140,000 plus interest dating back to August 2017. While the OLG Frankfurt initially sided with shareholders in some instances, the Federal Court of Justice (BGH) later upheld the dismissal of Nidda’s claims, reinforcing that gross negligence could not be assumed.
The ownership shift has also taken place. Bain and Cinven, who once held full control, now retain just 31% of Stada. CapVest Partners has stepped in as the new majority owner with a 68% stake, while Stada’s management keeps the remaining 1%.
The legal disputes highlight the complexities of takeover compensation for former minority shareholders. With Bain and Cinven’s exit complete, Stada now operates under new majority ownership. The 44 pending cases will determine whether further payouts are owed to former investors.
