Bidvest swallows bitter Adcock pill

BIDVEST’S offer to buy all the shares it does not already own in pharmaceutical firm Adcock Ingram has been rejected by an overwhelming majority. Despite extending the deadline for its R52 a share offer by a week to last Friday, Bidvest, the industrial conglomerate, said yesterday that it had managed to raise its stake by only 2.5 percent to 37 percent. Bidvest accumulated the initial 34.5 percent in 2013. Bidvest shares eased 0.74 percent to R307.50, while Adcock gained 0.9 percent to R53.15. – Reuters