S. Africa's PIC rejects sweetened bid for Adcock
JOHANNESBURG Dec 15 (Reuters) - South African state-owned pension fund Public Investment Corporation (PIC) on Sunday rejected a sweetened $1.2 billion cash and stock offer for drugmaker Adcock Ingram from a Chilean suitor, saying it wanted cash.
Santiago-based CFR Pharmaceuticals on Friday slightly increased its bid for Adcock in an attempt to woo the PIC, Adcock's top shareholder.
"This new offer doesn't change much. It's a small increase," PIC Chief Investment Officer Daniel Matjila told Reuters on Sunday.
"Our message is clear: We want cash, we don't want their shares." (Reporting by Tiisetso Motsoeneng; Writing by David Dolan; Editing by Pascal Fletcher)
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