The top shareholder in South African drug maker Adcock Ingram has rejected a $1.3 billion takeover offer from Chile’s CFR Pharmaceuticals , saying on Thursday the deal was not in its best interests. The Public Investment Corporation, a state-owned pension fund with about a 14 percent stake in Adcock according to Thomson Reuters data, said it would not back the cash and share offer as it is currently structured. “The PIC management and investment committee have come to the unanimous decision that it is not in the best interest of our shareholding to support the CFR offer in its current form,” the fund’s chief executive, Elias Masilela, said in a statement.
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