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Undisclosed firms eye Adcock buy-out

9th May 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Adcock Ingram on Thursday said it was evaluating multiple nonbinding proposals received from undisclosed parties for the potential acquisition of the pharmaceutical firm.

The parties aimed to gain a controlling stake or 100% shareholding in Adcock.

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”.

“In the interests of transparency and certainty, the board advises shareholders that no new proposal has been received from the Bidvest Group …” Adcock said in a statement.

The firm, however, reaffirmed that it would not dismiss any official nonbinding proposal that would “create value for Adcock shareholders”.

Adcock’s share price was trading 8.31% higher at R67.15 a share on Thursday afternoon following the announcement.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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