S.Africa's Bidvest lifts Adcock stake with massive buying spree -source

JOHANNESBURG Thu Jan 30, 2014 11:28am EST

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JOHANNESBURG Jan 30 (Reuters) - South Africa's Bidvest has bought the bulk of drugmaker Adcock Ingram's shares that traded on Thursday, a person familiar with the matter said, substantially lifting its stake in the company.

Nearly 40 million Adcock shares, representing about 22 percent of the drugmaker, changed hands during session with most of them trading at Bidvest's offer price of 70 rand a share, according to exchange and Thomson Reuters data.

"The majority of the 39 million shares that traded today were bought by Bidvest," the person said, adding that he was not sure where that takes Bidvest stake in the nation's No.2 drugmaker.

Bidvest had built up its stake in Adcock to about 9 percent since going direct to shareholders with a 4 billion rand cash, or 70 rand per share, for about a third of the company. (Reporting by Tiisetso Motsoeneng)

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