Deals
Adcock’s Biggest Shareholder Won’t Support Revised CFR Offer
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The Public Investment Corp., the largest shareholder in Adcock Ingram Holdings Ltd., said it won’t support a new offer from Chile’s CFR Pharmaceuticals SA for the South African drugmaker and is seeking legal advice about the revised bid.
“The PIC feels the new offer greatly undervalues Adcock and we will not be supporting the new offer,” Chief Investment Officer Daniel Matjila said by phone today. “The PIC will be seeking legal advice as this is unprecedented.”