Johannesburg - South Africa's Bidvest Group has offered to buy shares it doesn't already own in drugmaker Adcock Ingram Holdings [JSE:AIP], it said on Monday, in a deal worth a potential R6bn.
Bidvest is a conglomerate with businesses ranging from food service to auto show rooms, already owns 34.5% of South Africa's second-largest drug maker and has offered R52 per share in cash for the remainder.
Adcock has the largest share of South Africa's over-the-counter medicines but has been trailing rivals as it struggles to raise sales while grappling with over-reliance on a heavily regulated home market and factories running below capacity.
Adcock shares jumped 5% to R52.76 at 09:19, while those of Bidvest were up 1%.
Bidvest offered R4bn to Adcock shareholders in 2013 for the initial 34.5%, sinking a rival bid from Chile's CFR Pharmaceuticals.