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VENTURES AFRICA – JSE-listed diversified industrials services firm, Bidvest, this week said it is set to challenge regulatory and legal features of CFR Pharmaceutical’s $1.2 billion planned acquisition of Adcock Ingram.
Bidvest’s latest move, which could disrupt Chile’s CFR efforts to buy South Africa’s second-biggest drug maker, Adcock Ingram, followed legal advice from its legal department, it said.
“The consortium…announces that Bidvest will shortly launch legal proceedings,” the acquisitive Bidvest said.
It has emerged that Bidvest’s consortium partner in the latest bid for Adcock Ingram, Community Investment Holdings (CIH), also supports the legal action.
The latest Bidvest $393 million offer could also trigger a legal battle as to who is permitted to vote at the December 18 Adcock Ingram’s shareholders meeting.
The meeting is poised to make a decision on Chile’s CFR’s $1.2 billion bid for Adcock Ingram.
Yesterday, Bidvest proposed to acquire 34.5 percent stake in the dramatic last-minute offer of R70 ($6.80) a share.
It said the new offer was opened right away and no conditions were attached to it.
Earlier this year, Adcock Ingram rejected Bidvest’s bid to buy 60 percent of Adcock Ingram, saying the offer devalued the firm.