South African firm Bidvest Group’s offer to buy all the shares it does not already own in pharmaceutical company Adcock Ingram was rejected by an overwhelming majority.
Despite extending the deadline for its 52 rand per share offer by a week to May 15, Bidvest said on Monday that it managed to increase its stake by only 2.5 percent to 37 percent.
[DATA BVT:Bidvest] accumulated the initial 34.5 per cent in 2013 to scupper a takeover bid by Chile’s CFR Pharmaceuticals.
Shares in Bidvest closed 0.74 per cent lower at 306.58 rand on Monday, while Adcock was up 0.9 per cent to close at 53.15 rand.
Bidvest’s announcement was made after the markets closed.