Adcock Ingram Receives Proposals For Stake In Company’s Business

Ventures Africa 10 May 2013
Adcock Ingram, a South African pharmaceutical company, on Thursday received non-binding proposals for potential transaction to acquire 100% of, or a controlling interest in the company’s securities.
Interestingly, none of the proposals are from Bidvest, which earlier indicated interest in the drugmaker’s stakes.
According to Adcock, no new proposal has been received from Bidvest Group Limited since its original proposal which was submitted on March 22, 2013 and lapsed on April 2, 2013.
The company said it would no longer ponder Bidvest’s $675 million bid for 60 percent of the drug maker.
It stated: “The board has previously stated that it will consider any proposal, made in good faith, which could serve to create value for Adcock Ingram shareholders and promote the interests of the Company. In this regard, the Board and management continue to explore all opportunities to create value for Adcock Ingram shareholders whilst remaining focused on executing the Company’s strategic plans.”
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