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Johannesburg - The Bidvest Group [JSE:BVT] said on Friday it would go hostile with its R6.2bn for Adcock Ingram Holdings [JSE:AIP], bucking a long history of friendly acquisitions after being spurned by the drugmaker's board.
"Bidvest will engage with Adcock shareholders," the company said, its clearest statement yet that it intends to bypass the board of its target.
Bidvest, a conglomerate with interests in everything from catering to cars, last month offered to raise its stake in underperforming Adcock from 2.5% to 60% in a cash and share deal worth about R6.2bn.
But Adcock's board fired back, saying Bidvest's offer was "opportunistic" because it did not take into account the progress made in a turnaround plan. Adcock also said the offer lacked sufficient detail.
Adcock then said on Thursday it would no longer entertain the offer because it had lapsed.
Bidvest responded on Friday by saying the board was trying to "frustrate" its offer by using "insubstantial and irrelevant technical issues".
Shares of Bidvest were flat at R238.50, while Adcock shares
were up 1.1% at R60.50.
