German drugmaker Stada (stdaf) said it has decided to support an offer from Bain Capital and Cinven for 66 euros ($69.85) per share, valuing the company at about 5.32 billion euros.
The private equity consortium is offering 65.28 euros per share and a dividend of 0.72 euro per Stada share, the company said in a statement on Monday.
Stada, which had received offers from two consortia, said it has signed an investor agreement which would include protection provisions for employees.
Bain and Cinven have agreed to refrain from forced redundancies for four years in a move that exceeds staffing pledges incorporated in current business plans, Stada said.
“With this combination, we will create a foundation for tapping the great potential of Stada together with Bain Capital and Cinven and continuing to grow profitably,” Stada Chief Executive Matthias Wiedenfels said.
For more about Germany, watch Fortune’s video:
The offer documents will be published following approval by Germany’s financial regulator BaFin. Stada, based near Frankfurt, may disclose more information in a conference call at 0530 GMT.
A tie-up of buyout firms Advent and Permira was bidding against Bain and Cinven. Both had made takeover offers at 58 euros per share, which valued the company at 4.7 billion euros including debt.