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.
CFR Pharmaceuticals
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.
Subscribe to VCpost newsletter
Most Popular
- Doctors Raise Concerns Over Proposed Capital Gains Tax Changes
- Walgreens to Open a New Pharmacy Offering Cell and Gene Therapies to Patients With Chronic Diseases Like Cancer
- How to Apply for Social Security Spousal Benefits; Here's How You May Boost Your Money!
- How to Get IRS Unclaimed Tax Refunds: Here's What to Do If You Think You Have Pending Payments
- Kroger and Albertsons to Sell off 166 Stores in Effort to Gain Approval for Their $25 Billion Merger
- Celebrity Designer Nancy Gonzalez Jailed for Smuggling Crocodile, Python Handbags
- Tesla Shareholder Asks Judge to Prevent Elon Musk From Moving Pay Fight to Texas to Evade Delaware Ruling
- Illinois Woman, Who Mysteriously Drowned After Giving $1.5 Million to Online Romance Scammers, Knew She'd 'End up Dead'