SANTIAGO Jan 10 Shareholders of Chile's CFR
Pharmaceuticals on Friday approved a sweetened takeover
bid for drugmaker Adcock Ingram in an attempt to woo
the South African company's top shareholder.
"We've reached a deal with a large majority of Adcock's
shareholders, and only two are against it," CFR Chief Executive
Alejandro Weinstein told reporters after the meeting.
"We're in conversations with (PIC) to find some sort of a
solution to what they're putting forth," Weinstein said.
Under the revised CFR offer, shareholders would receive
74.50 rand worth of cash and shares for each Adcock share, based
on a value of 2.334 rand per new CFR share. That is slightly
higher than the 73.51 rand per share CFR offered last month.
Last month, CFR raised its offer for Adcock by 1.6 percent
to 12.8 billion rand (US$1.2 billion) in cash and stock, but
state-run pension fund Public Investment Corp (PIC) rejected the
PIC, which owns about 19 percent of Adcock, has rejected
CFR's sweetened bid and said it wants all cash.
The tie-up would create an emerging markets pharmaceutical
powerhouse with presence in 23 countries and help Adcock keep up
with local rival Aspen Pharmacare, which has made a
push into overseas markets through a number of deals.
Adcock expects to delay a shareholder vote on CFR's proposal
until mid-February because it is still waiting for regulatory
Shares in CFR were trading 0.11 percent lower in midday
Friday trade, somewhat overperforming Santiago's IPSA
stock index, which was down 0.63 percent.