Oasis backs Bidvest’s Adcock bid

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A pharmacist counts pills in a pharmacy.

Johannesburg - South Africa's Oasis Group Holdings sold all of its roughly 2.2 percent stake in Adcock Ingram on the open market on Friday, a spokesman said, backing conglomerate Bidvest's attempt to block a takeover by a Chilean firm.

Santiago-based CFR Pharmaceuticals has offered $1.2 billion in cash and shares for all of Adcock.

Bidvest has countered by offering cash for around a third of Adcock, which would give it a big enough stake to vote down the deal.

“In terms of the CFR offer, we believed the CFR shares were expensive and carried a higher risk,” Oasis spokesman Hassan Motala said. - Reuters

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