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Bidvest in big Adcock buying spree - source

Johannesburg - Bidvest has bought the bulk of drugmaker Adcock Ingram's  shares that traded on Thursday, a person familiar with the matter said, substantially lifting its stake in the company.

Nearly 40 million Adcock shares, representing about 22% of the drugmaker, changed hands during session with most of them trading at Bidvest's offer price of R70 a share, according to exchange and Thomson Reuters data.   

"The majority of the 39 million shares that traded today were bought by Bidvest," the person said, adding that he was not sure where that takes Bidvest stake in the nation's No 2 drugmaker.

Bidvest had built up its stake in Adcock to about 9% since going direct to shareholders with a R4bn cash, or R70 per share, for about a third of the company.

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