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