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Bidvest not keen on buying 100% of Adcock – CEO

Shareholders might not support its planned R52 per share offer.

South Africa’s Bidvest Group has “no aspiration” to buy all of Adcock Ingram , its chief executive said on Monday, as the share price of its target continued to trade above its planned offer price.

“We have no aspiration to acquire 100 percent of Adcock,” Brian Joffe said in a conference call, adding that some shareholders might not support its planned 52 per share offer, or about $515 million rand for shares in Adcock that it does not already own.

Shares in Adcock, in which Bidvest already owns 34.5 percent, were up 0.9 percent at 53 rand by 0726 GMT.

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