Bidvest Group has joined forces with pharmaceutical firm Community Investment Holdings (CIH) to bid for a stake in Adcock Ingram. This move could derail a ZAR12.6 billion takeover offer from Chile's CFR Pharmaceuticals, according to Business Day Live.

The Bidvest-CIH consortium offered ZAR70 for every Adcock share. This total offer of about ZAR4 billion would be paid from the company's existing cash resources. The said offer would give the firm a maximum holding of 34.5% of the issued stock, the report said.

On Friday, Adcock's stock closed at ZAR70. This gave the company a market capitalization of ZAR12.3 billion. Bidvests's Chief Executive Officer Brian Joffe had made an unsolicited offer to purchase 60% of the group for ZAR6.2 billion. In March, Adcock said it had received and rejected the said offer, the report stated.

Meanwhile, the Bidvest-CIH cash offer opens this day. The offer will remain open until the consortium decides to close it, Business Day Live reported.