Bidvest looks to PIC for joint control of Adcock - CNBC Africa

Bidvest looks to PIC for joint control of Adcock

Southern Africa

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Bidvest and the PIC are looking at entering into a pool agreement for joint control of Adcock.

Bidvest and the PIC have engaged in discussions with a view to entering into a pool agreement for joint control of Adcock.

This is in respect of 82,000,000 Adcock ordinary shares, representing approximately 47.82 per cent of Adcock’s issued ordinary share capital, excluding treasury shares.

[DATA BVT:Bidvest] recently announced its intention to acquire the remaining ordinary shares in Adcock that it does not already own for a cash consideration of 52.00 rand per Adcock ordinary share.

“If these discussions result in the conclusion of the pool agreement it will be conditional upon receiving, inter alia, the requisite regulatory approvals, including that of the competition authorities,” Bidvest stated.

“As part of the pool agreement, within the pool participants, it is the contemplation of the parties that Bidvest will be responsible for the management of Adcock, subject to satisfactory performance.”

(READ MOREBidvest looks to acquire 100% of Adcock)

Bidvest added that it has received an undertaking from the PIC that it will not accept the offer in relation to the 48,466,905 Adcock ordinary shares over which it is the discretionary manager on behalf of the Government Employees Pension Fund and the Unemployment Insurance Fund.

“Bidvest’s firm intention to make an offer will be communicated to Adcock within the next few days,” the investment holding company said.

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