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Johannesburg - Bidvest Group [JSE:BVT] said on Wednesday it was still considering its position in relation to the issues raised by Adcock Ingram Holdings [JSE:AIP] regarding the former’s takeover proposal of the latter.
The drug manufacturer on Tuesday rejected Bidvest’s R6.2bn offer‚ calling it opportunistic given the substantial progress it has been made in executing its strategic plans.
“The independent board reiterates that it will consider any initiative‚ from any quarter‚ which is made in good faith and which could serve to promote the interests of the company and create value for Adcock Ingram shareholders‚” Adcock said.
Adcock said Bidvest swooped in with an "opportunistic" approach when its growth trajectory was improving because it had made "good progress" in implementing its strategic plans.
Bidvest last week made a cash and share offer valued at around R6.2bn for 60% of underperforming generic drugmaker.
Adcock has underperformed rivals both operationally and in stock market terms in recent years but Mokhele said investments in factories, acquisitions and distribution partnerships with global drugmakers had set it up for growth.
The drug manufacturer on Tuesday rejected Bidvest’s R6.2bn offer‚ calling it opportunistic given the substantial progress it has been made in executing its strategic plans.
“The independent board reiterates that it will consider any initiative‚ from any quarter‚ which is made in good faith and which could serve to promote the interests of the company and create value for Adcock Ingram shareholders‚” Adcock said.
Adcock said Bidvest swooped in with an "opportunistic" approach when its growth trajectory was improving because it had made "good progress" in implementing its strategic plans.
Bidvest last week made a cash and share offer valued at around R6.2bn for 60% of underperforming generic drugmaker.
Adcock has underperformed rivals both operationally and in stock market terms in recent years but Mokhele said investments in factories, acquisitions and distribution partnerships with global drugmakers had set it up for growth.
