Johannesburg-listed drug-maker and South Africa’s second biggest, Adcock Ingram, on Tuesday said it is likely to post a profit loss in the six months to end-March this year.

The firm, which was recently at the centre of a vicious take-over battle between industrials firm, Bidvest Group and Chile’s drug-maker, CFR Pharmaceuticals, said the interim figures to March 2014 included the final write-off of all costs linked to CFR’s corporate action.

The firm was expecting to post a loss a share of between 24 South African cents and 25 South African cents during the period under review.

Earlier this year, the much-talked about attempt by Chile’s CFR Pharmaceuticals (CFR) to acquire Adcock Ingram for R12.8 billion ($1.2 bn) was called off.

This came after Adcock Ingram and CFR admitted there was no chance that a deal between them could be permitted to go ahead by the requisite 75 percent of shareholders.

The deal was thwarted by the fact that Bidvest, which had been in the running for the acquisition of Adcock Ingram, had upped its stake in Adcock Ingram to 34.5 percent.

PIC, the South African government pension funds manager, holds 21 percent of Adcock Ingram and supported Bidvest in thwarting the takeover bid by CFR.

CFR’s bid needed the endorsement from the shareholders with 75 percent shareholding in Adcock Ingram.

After Bidvest won the tussle for Adcock Ingram, it fired Adcock Ingram chairman Khotso Mokhele and he was replaced by Bidvest chairman Brian Joffe.

Jonathan Louw, the former CEO of Adcock Ingram resigned later, prompting the Bidvest group to reconstitute the board of directors.

On Tuesday it was announced that the new Adcock Ingram’s management is working tirelessly on the evaluation and design of the board changes which are expected to be fully implemented with effect from 1 July this year.