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VENTURES AFRICA – South Africa’s state pension fund, PIC, at the weekend spurned the new offer from Chile’s CFR Pharmaceuticals for JSE-listed Adcock Ingram, saying there were no major changes from CFR’s initial offer for South Africa’s second-biggest drug maker.
“This new offer doesn’t change much. It’s a small increase. Our message is clear: we want cash, we don’t want their shares,” Daniel Matjila, chief investment officer at PIC, told Reuters at the weekend. PIC is the major shareholder Adcock Ingram
On Friday the Santiago-listed drug-maker CFR made a new cash and stock offer, increasing its original offer to R12.8 million ($1.23 bn) from R12, 6 billion.
This could boost Bidvest’s chances of having its offer for the South African drug maker relooked at by Adcock Ingram’s board
About two weeks ago, Bidvest and its consortium made a renewed offer of R4 billion ($393.7m) to acquire a 34,5 percent stake in Adcock Ingram
JSE-listed diversified industrials services firm said the new offer was opened right away and Adcock Ingram did not have to meet any conditions.
This came after Adcock’s board had earlier this year rejected Bidvest’s bid to buy 60 percent of Adcock Ingram, saying the offer devalued the firm.
The latest Bidvest offer is less than the R12.6 billion ($1.2bn) bid made early this month by CFR Pharmaceuticals, Chile’s pharmaceutical company that is also pursuing Adcock Ingram.