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Bidvest and CIH have formed a Consortium and announced a cash offer to acquire up to 34.5% of the issued ordinary shares in the local drugmaker Adcock Ingram.

Bidvest currently owns approximately 4% of the issued ordinary shares in Adcock (excluding treasury shares). The Consortium is being led by Bidvest.

If the offer is accepted in full, the Consortium will hold 34.5% of the issued ordinary shares in Adcock. Adcock will maintain its primary listing on the JSE Limited with shareholders having a substantial residual direct participation in the performance and dividends of Adcock going forward.

The offer is unconditional and is open immediately. On acceptance, Adcock shareholders participating in the offer will immediately receive an upfront cash consideration of R70.00 per Adcock ordinary share. This is a significant direct investment by the Consortium of approximately R4 billion and will be funded by way of available cash resources.