The board member's Adcock Ingram Holdings, in South Africa, have voted against CFR Pharmaceuticals acquisition proposal.
Adcock Ingram Holdings largest shareholder said it won’t back a $1.2 billion takeover proposal from Chilean drugmaker CFR Pharmaceuticals SA saying it’s not in the investor’s best interests.
Adcock Ingram and CFR have entered into a transaction agreement of potential cash and shares offer by CFR for 100% acquisition of the issued ordinary share capital of Adcock Ingram.
A deal worth R12.6 billlion (approximately US$1.3 billion).
The proposed offer price is currently worth R75.92 per ordinary share based on the closing price of CFR shares on the Santiago Stock Exchange on 10 September 2013.
Read the full article on Reuters
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