CFR Pharmaceuticals Makes $1.3 Billion Cash and Share Offer for Adcock Ingram

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Adcock Ingram Holdings Ltd. (AIP) said it received a non-binding bid from Chilean drugmaker CFR (CFR) Pharmaceuticals SA that values South Africa’s largest supplier of hospital products at 12.9 billion rand ($1.3 billion).

The potential offer price from CFR is 73.51 rand, 14 percent more than Adcock’s closing price of 64.50 rand yesterday, Johannesburg-based Adcock said in a statement today. CFR would pay in cash and stock, the South African company said.

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