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Adcock Ingram engages potential buyers

Adcock Ingram engages potential buyers

Photo by Bloomberg

31st May 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Adcock Ingram on Friday said it continued active discussions with multiple parties eyeing the acquisition of a controlling stake or 100% of the pharmaceutical firm.

Adcock confirmed in a statement that it had implemented a process that could result in a formal offer from the undisclosed parties that tabled nonbinding proposals earlier this month.

“A number of parties have expressed interest in acquiring a stake in the company and the board is in active discussions to progress these,” said chairperson Dr Khotso Mokhele.

The company would not disclose the potential bidders or the terms and conditions of the proposals, and advised shareholders to exercise caution when considering any formal offer prior to receiving appropriate guidance from the Adcock board.

This followed JSE-listed Bidvest Group’s hostile bid for the group earlier this year.

Bidvest tabled its $675-million offer – to increase its stake in Adcock from 2.54% to 60% – to Adcock shareholders directly, after the Adcock board snubbed the unsolicited proposal, which lapsed on April 2, believing it to be “opportunistic”.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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