Buyout groups Bain Capital and Cinven won an auction for German drugmaker Stada (STAGn.DE) on Monday after a surprisingly large increase on a previous bid valued the company at about 5.3 billion euros ($5.6 billion).

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, earning the backing of Stada management.

Bain and Cinven had been vying with a rival consortium comprising Advent and Permira for control of generic drugmaker Stada. Both suitors had previously made takeover offers at 58 euros per share, which valued the company at 4.7 billion euros including debt.

READ FULL ARTICLE HERE