Is the offer by Bidvest for Adcock’s shares a fair one?


PSG Capital, the independent expert appointed to consider the terms and conditions of the Bidvest offer and whether such terms and conditions are fair and reasonable to Adcock shareholders, has said that it is.

“Based on the results of the procedures performed, the independent expert is of the opinion that the terms and conditions of the Bidvest offer are fair and reasonable to Adcock shareholders,” [DATA AIP:Adcock] said.

“Adcock shareholders are advised that in order to obtain a full understanding of the independent expert’s opinion they should obtain a copy of the opinion which is included in the Adcock response circular.”


The drug maker added that a member of the Adcock independent board, M Sacks, requested that the board include several additional observations, including that the offer is not a mandatory offer but rather a general one, made and defined by a significant Adcock shareholder – Bidvest.

(READ MORE: Bidvest looks to acquire 100% of Adcock)

Sacks also alluded to the fact that the PIC, South Africa’s largest investment institution and a significant shareholder in Adcock, has already indicated that it will not be accepting the Bidvest offer.

“The only directors of Adcock who hold Adcock shares, Mr B Joffe and Mr R Morar, have both indicated that they will not be selling their Adcock shares in terms of the Bidvest offer,” Adcock said.

“To the board’s knowledge, other than the [DATA BVT:Bidvest] offer, there have been no other offers received during the offer period or during the six month period before the Bidvest offer was received.”