Johannesburg - South Africa's Bidvest has offered to buy about a third of local drugmaker Adcock in a $393-million deal that could scupper Chile's CFR Pharmaceutical's bid for the Johannesburg-based firm.
This is the Bidvest Group Ltd's second attempt at getting its hands on Adcock Ingram Holdings Ltd, after Adcock's board rejected the conglomerate's R6.2-billion offer for a 60-percent stake in March.
Bidvest, which owns about 4 percent of Adcock, and Community Investment Holdings (CIH) on Monday said they offered R70 a share for up to 34.5 percent of the country's second-largest drugmaker.
The offer opens immediately, Bidvest and unlisted CIH said in a statement.
CFR Pharmaceutical SA has already bid $1.2-billion in cash and stock for the drugmaker, an offer rejected by top Adcock shareholder, the South African government-run Public Investment Corporation.
CFR said it has the support of shareholders owning 29.3 percent of Adcock and letters of support from those with a further 7.5 percent, giving it a total backing of 36.8 percent.
The cash and share deal, of which the minimum of 51 percent must be settled in cash, requires 75 percent shareholder support to be successful under South African law. - Reuters