South Africa’s Bidvest in $515 mln bid for drugmaker Adcock Ingram

JOHANNESBURG (Reuters) – South Africa’s Bidvest Group has offered to buy shares it doesn’t already own in drugmaker Adcock Ingram Holdings, it said on Monday, in a deal worth a potential 6 billion rand ($515 million).

Bidvest, a conglomerate with businesses ranging from food service to auto show rooms, already owns 34.5 percent of South Africa’s second-largest drug maker and has offered 52 rand per share in cash for the remainder.

Adcock has the largest share of South Africa’s over-the-counter medicines but has been trailing rivals as it struggles to raise sales while grappling with over-reliance on a heavily regulated home market and factories running below capacity.

Adcock shares jumped 5 percent to 52.76 rand at 0719 GMT, while those of Bidvest were up 1 percent.

Bidvest offered 4 billion rand to Adcock shareholders in 2013 for the initial 34.5 percent, sinking a rival bid from Chile’s CFR Pharmaceuticals.

($1 = 11.6577 rand)

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