June 24, 2009 / 10:03 AM / 10 years ago

UPDATE 1-Generic drugs supplier Goldshield gets bid approaches

* Confirms bid approaches received

* Speculation that offer comes from former CEO Ajit Patel

* Shares up 5 pct

(Adds detail, background, share price)

LONDON, June 24 (Reuters) - British generic drugs supplier Goldshield Group GSD.L said it has received bid approaches for the company, sending its shares up 5 percent.

“The company notes the recent press speculation concerning an offer from Ajit Patel. The company confirms it has received approaches concerning a possible offer for the company”, it said in a statement on Wednesday.

Ajit Patel was a founder and former chief executive of Goldshield, who stood down in 2007 to concentrate on fighting a case brought against the company by the Serious Fraud Office, which was prompted by suspicions of price fixing.

The long running saga finally ended in December 2008 when, following victory for Goldshield in July, the Court of Appeal refused the SFO leave to appeal.

A spokesperson for the company would not confirm that one of the approaches was from Ajit Patel, nor the likely price.

Wednesday’s edition of the Times newspaper cited rumours that Patel was eyeing a bid at 375 pence per share.

Shares in Goldshield, which is due to publish its full year results on Thursday, were up 5 percent to 340 pence at 09:35 GMT on the London stock exchange.

Reporting by Rosalba O'Brien; Editing by John Bowker

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