Publications
Partners
Johannesburg - Bidvest has offered to buy about a third of local drugmaker Adcock in a $393m deal that could scupper Chile's CFR Pharmaceutical's $1.2bn bid for the Johannesburg-based firm.
This is the Bidvest Group's second attempt at getting its hands on Adcock Ingram Holdings [JSE:AIP], after Adcock's board rejected the conglomerate's R6.2bn offer for a 60% stake in March.
Bidvest, which owns about 4% of Adcock, and Community Investment Holdings (CIH) on Monday said they offered R70 a share for up to 34.5% of the country's second-largest drugmaker.
The offer opens immediately, Bidvest and unlisted CIH said in a statement.
CFR Pharmaceutical SA has already bid $1.2bn in cash and stock for the drugmaker, an offer rejected by top Adcock shareholder, the South African government-run Public Investment Corporation.
CFR said it has the support of shareholders owning 29.3% of Adcock and letters of support from those with a further 7.5%, giving it a total backing of 36.8%.
The cash and share deal, of which the minimum of 51% must be settled in cash, requires 75% shareholder support to be successful under South African law.
This is the Bidvest Group's second attempt at getting its hands on Adcock Ingram Holdings [JSE:AIP], after Adcock's board rejected the conglomerate's R6.2bn offer for a 60% stake in March.
Bidvest, which owns about 4% of Adcock, and Community Investment Holdings (CIH) on Monday said they offered R70 a share for up to 34.5% of the country's second-largest drugmaker.
The offer opens immediately, Bidvest and unlisted CIH said in a statement.
CFR Pharmaceutical SA has already bid $1.2bn in cash and stock for the drugmaker, an offer rejected by top Adcock shareholder, the South African government-run Public Investment Corporation.
CFR said it has the support of shareholders owning 29.3% of Adcock and letters of support from those with a further 7.5%, giving it a total backing of 36.8%.
The cash and share deal, of which the minimum of 51% must be settled in cash, requires 75% shareholder support to be successful under South African law.
