South Africa's Oasis sells off 2.2% stake in Adcock -spokesman

By VCPOST Staff Reporter

Dec 06, 2013 02:10 PM EST

Asset management firm Oasis Group Holdings has exited from its remaining 2.2% stake in drug company Adcock Ingram on the open market, according to Oasis spokesman Hassan Motala. The said spokesman was cited in a report published by Reuters.

Adcock is at the center of a USD1.2 billion takeover competition between Chilean drug maker CFR Pharmaceuticals and local conglomerate Bidvest, the report stated.

CFR offered around ZAR12.9 billion (USD1.24 billion) or ZAR73.51 per share of Adcock in combined cash and shares. Bidvest's counter-offer amounted to ZAR70 per share in cash for about a third of Adcock. This would give the firm a large ownership stake enough to block the CFR takeover, the report explained.

CFR still needs backing from shareholders who represent 75% of the company. On the other hand, Bidvest woould only need a further 6.2% of Adcock to block the deal. Bidvest's chief executive Brian Joffe said his firm held around 4.5% of Adcock, the report said.

Meanwhile, Motala has yet to comment on who bought the company's remaining Adcock stake, Reuters said in its report.

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