JOHANNESBURG Dec 5 South Africa's state pension
fund will not sell its stake in Adcock Ingram to bidder
Bidvest at 70 rand a share because it believes the offer
undervalues the company, a source familiar with the fund's
thinking said on Thursday.
The state-owned Public Investment Corporation, Adcock's top
shareholder, would "probably" be willing to accept a rival offer
from Chile's CFR Pharmaceuticals if it were all in
cash, said the person, who declined to be identified because the
information is not yet public.
Santiago-based CFR has offered $1.2 billion in cash and
shares to buy Adcock, South Africa's second-largest drugmaker.
The offer values Adcock shares at around 73.51 rand. Bidvest
challenged that offer this week with its own 4 billion rand
($383 million) for a third of Adcock.
($1 = 10.4325 South African rand)
(Reporting by Tiisetso Motsoeneng; editing by David Dolan)