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Bidvest pushes to acquire 60% of Adcock

22nd March 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JSE-listed Bidvest plans to increase its stake in healthcare company Adcock Ingram to 60%, the companies announced on Friday. 

Bidvest currently owned 4.98-million shares, or 2.54% of Adcock’s issued share capital.

In a cash-and-share deal worth an estimated $700-million, Bidvest offered Adcock shareholders R65 a share paid half in cash and half in its own shares.

In a letter to Adcock received on Thursday evening, Bidvest said it believed the transaction would enable Adcock and its stakeholders to benefit from forming part of the wider Bidvest Group.

Adcock said it had not had an opportunity to review or consider the proposal and that no negotiation had taken place between the two companies regarding the proposed structure, terms and conditions of the deal.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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