German Court Orders Higher Payouts for Stada Shareholders After 2017 Takeover
The Higher Regional Court of Frankfurt (OLG) has ruled in favor of former Stada shareholders seeking extra compensation from the 2017 takeover. Two separate cases saw the court dismiss appeals by Nidda Healthcare, the original bidder, while upholding claims for higher payouts. The decisions follow years of legal disputes over the takeover price.
In one case, a Luxembourg-based asset manager is demanding €4.7 million—the difference between the original €66.25 per share paid in the takeover and the €74.40 minimum compensation later guaranteed. The OLG confirmed that shareholders are entitled to interest at 9 percentage points above the base rate, regardless of their investor type.
In a second ruling, an individual shareholder won a claim for nearly €140,000 plus interest dating back to August 2017. The court rejected Nidda’s argument that the claim had expired, stating that press coverage alone did not trigger the statute of limitations. Nidda was also accused of acting in bad faith by invoking time limits. Forty-four similar cases remain pending before the OLG. The Federal Court of Justice (BGH) and the OLG have previously supported shareholders in earlier proceedings, reinforcing their right to additional payments. Meanwhile, Bain Capital and Cinven have fully exited Stada after eight years. CapVest Partners now holds a 68% stake, while Bain and Cinven retain 31%, and management keeps 1%. Nidda has announced plans to file a further appeal against the OLG’s latest decisions.
The rulings confirm that former Stada shareholders can still pursue compensation claims from the 2017 takeover. Nidda’s appeal options are narrowing, but the company intends to challenge the decisions further. The outcome will affect dozens of pending cases and the final distribution of funds.
