Shareholders of Chile-based firm CFR Pharmaceuticals gave a nod on Friday for a sweetened takeover offer for South African drug maker Adcock Ingram in a bid to woo the top shareholder of the South African firm.
Cape Town, South Africa-based investment firm Foord Asset Management has lifted its stake in Johannesburg-based drug maker Adcock Ingram to 15%, according to a regulatory filing on Friday.
South Africa-based asset manager Oasis Group Holdings has sold off its 2.2% stake in pharmaceutical firm Adcock Ingram to an undisclosed buyer, according to a spokesman.
South Africa's industrial conglomerate has joined forces with unlisted drug firm Community Investment Holdings (CIH) to buy a stake in Adcock Ingram in a move that could derail Chilean company CFR Pharmaceutical's takeover bid, said a Business Day Live report.
Chile-based drug firm CFR Pharmaceuticals promised a 25.1% stake for its black shareholders should the acquisition of local pharmaceutical company Adcock Ingram be approved, in line with South Africa's black economic empowerment (BEE) codes.
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