–
–
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
/ By Ilan Shavit /
A bidding war has begun over Adcock Ingram Holdings Ltd. (AIP) spawned by Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) bid as well as
Sanofi SA (Euronext: SAN; NYSE: SNY), Bidvest (BVT), Baxter International Inc. (NYSE: BAX), and Reckitt-Benckiser plc (LSE: RB).
Shares of Adcock Ingram’s, South Africas largest producer of hospital products, including painkillers and Corenza cold medicine rose 8.9%, to 67.50 rand on the Johannesburg Stock Exchange on Friday, its highest level since November 2010.
The market cap is now $1.3 billion and Adcock management plans to put its proposal directly to shareholders because a “large weight” of them supported the proposal. JPMorgan says that a bidding war for Adcock Ingram could push its share price up to 75.80 rand.
The Adcock announcement :
Shareholders are advised that the board of directors of Adcock Ingram (“the Board”) is in receipt of non-binding proposals (“Proposals”) regarding potential transactions that would, if implemented, result in an offer being made to Adcock Ingram shareholders to acquire 100% of or a controlling interest in the Company’s securities.
The Board has previously stated that it will consider any proposal, made in good faith, which could serve to create value for Adcock Ingram shareholders and promote the interests of the Company. In this regard, the Board and management continue to explore all opportunities to create value for Adcock Ingram shareholders whilst remaining focused on executing the Company’s strategic plans.
The Board, together with its advisers, are evaluating the Proposals. Shareholders are cautioned that there is no certainty at this stage that the Proposals will lead to a formal transaction being either proposed or concluded.
In the interests of transparency and certainty, the Board advises shareholders that no new proposal has been received from The Bidvest Group Limited since its original proposal, submitted to the Board on 22 March 2013, and which lapsed on 2 April 2013.
Shareholders are advised to exercise caution when dealing in the Company’s securities until a further announcement is made.
