JSE-listed diversified industrials company, Bidvest, on Monday rejected claims it planned to acquire all of Adcock Ingram, South Africa’s struggling second biggest drug-maker.

“We have no aspiration to acquire 100 percent of Adcock,” Reuters quoted Bidvest CEO, Brian Joffe, as having said.
According to Reuters, Joffe told a conference call on Monday that some shareholders might not support its planned 52 per share offer, or about $515m for shares in Adcock that it does not already own.

Last week, it was reported that Bidvest, which is the top shareholder in Adcock Ingram, was set to increase its 34.5 percent shareholding to over 50 percent.

According to a document from SA’s competition regulator seen by Reuters last week Bidvest bid had involved two stages.

“The second stage is to acquire further shares beyond the 34.5 percent, which presumably, depending on the take-up of the offer, would take Bidvest’s holding to above 50 percent,” the document said, Reuters reported.