Johannesburg - Chile's CFR Pharmaceuticals said on Friday it would drop its $1.2 billion bid for South African drugmaker Adcock Ingram after being thwarted by Adcock's top shareholder.
CFR had offered 12.8 billion rand for South Africa's second-largest drugmaker in a bid that required approval from shareholders with 75 percent of Adcock.
Adcock shareholder Bidvest Holdings, which has opposed CFR because it wants to take control of the company, recently raised its stake to 34.5 percent.
Adcock and CFR said in a statement that “there is no prospect” the deal could be approved by the required 75 percent. - Reuters