South Africa's Foord takes 15 pct stake in Adcock
JOHANNESBURG Dec 27 (Reuters) - South Africa's Foord Asset Management has taken a 15 percent stake in Adcock Ingram , a regulatory filing showed on Friday, likely making it the second-largest shareholder in the hotly contested drugmaker.
Johannesburg-based Adcock is the target of a $1.2 billion cash and share takeover offer from Chile's CFR Pharmaceuticals .
But the future of the deal is uncertain, given opposition from two of Adcock's major shareholders, the state-run Public Investment Corporation and local conglomerate Bidvest Holdings .
The PIC and Bidvest together hold at least 29 percent of Adcock, enough to veto the deal - which requires approval from shareholder holding 75 percent of Adcock - at a vote next month.
Adcock said in a filing on Friday that Cape Town-based Foord Asset Management had acquired 15.02 percent of its shares.
That would likely make the fund Adcock's second-largest shareholder. The PIC owns over 22 percent, while Bidvest has around 7 percent.
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