Adcock Ingram on Tuesday posted a negative set of figures, probably much to the chagrin of Bidvest, which wants to acquire the JSE-listed drug-maker.

Adcock said in the six months to March headline earnings per share sagged 5 percent to 188c, placing the drug firm on line for its fourth year of poor numbers.

Earlier this year, the JSE-listed industrial services group, Bidvest, said it had plans to buy 60 percent of Adcock.

Bidvest said it had submitted a firm letter of intent to the board of Adcock Ingram board.

In the letter, Bidvest proposed to pay for cash portion of the 60 percent stake in Adcock Ingram by using its own resources.

Adcock Ingram admitted to receiving the letter of intent from Bidvest but later rejected the offer.

One analyst said these accounts will not be attractive to Bidvest, which loathes paying more for stakes in companies.

Its bid for Adcock was priced at between R62 and R64/share.

This was on condition that Adcock achieved headline earnings per share (HEPS) of 200c. But it only achieved 188c in the six months to March 2013.

Adcock on Tuesday said there was no new offer from Bidvest.

The firm also said it will no longer consider Bidvest’s $675 million offer.

Adcock said despite the tough operating conditions for its products and the weakening of the local currency, it had achieved “satisfactory” results.