Elliott Management, an activist hedge fund is reported to have a major stake in Stada.
According to sources familiar with the matter who spoke to Reuters, the move is part of a new twist to a takeover battle for the German generic drugs maker.
The Elliott purchase comes at a time when private equity firms Bain and Cinven are seeking to persuade investors to commit to accepting a new takeover offer for the group, after a 5.3 billion-euro ($6 billion) bid fell through.
Only 65.52 percent of Stada’s equity had signed up for Bain and Cinven’s offer, missing a 67.5 percent acceptance threshold, despite the 49 percent premium offered by the buyout groups.
The replacement of Stada’s top management has delayed the new offer, people close to the matter said.
All key shareholders: Bain, Cinven, Stada and Elliott declined to comment.
Bain and Cinven have sought to trump a takeover offer made by rival private equity firms Advent and Permira.
Bloomberg reported earlier suggested that Elliott has acquired a Stada stake of more than 5%.