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AIP
AIP
AIP - Adcock Ingram Holdings Limited - Outcome of the call option process
initiated by Baxter in respect of Adcock and withdrawal of cautionary
Adcock Ingram Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 2007/016236/06
Share code: AIP
ISIN: ZAE000123436
("Adcock Ingram" or "the Company")
Outcome of the call option process initiated by Baxter Healthcare SA ("Baxter")
in respect of Adcock Ingram Critical Care (Pty) Limited ("AICC") and withdrawal
of cautionary
1. Introduction
Reference is made to the announcements released by the Company on SENS, the
latest dated 14 September 2010, regarding the initiation by Baxter of the
call option process contained in the agreement between, inter alia, Baxter,
Adcock Ingram and AICC dated 17 July 2008 ("the Option Agreement"). A
dispute ("the dispute") arose between Baxter and Adcock Ingram following
receipt of the written report prepared by KPMG Services (Proprietary)
Limited dated 12 July 2010 regarding the price at which Baxter would be
entitled to exercise the call option ("Call Option").
Shareholders were advised that Adcock Ingram and Baxter had agreed to
submit the dispute to arbitration, due to be held in February 2011.
2. Outcome of Call Option process
For strategic reasons unrelated to the business of AICC, Baxter has elected
not to proceed with the exercise of the Call Option. Consequently, it is
no longer necessary to resolve the dispute or to continue with the
arbitration process.
The Option Agreement has therefore been cancelled by mutual agreement of
the parties.
The business of AICC will continue under the control of Adcock Ingram and
will continue to benefit from the existing licence, distribution and raw
materials supply agreements with Baxter.
3. Withdrawal of cautionary
Accordingly, shareholders are advised that the cautionary has been
withdrawn.
Midrand
8 October 2010
Financial adviser and Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 08/10/2010 10:00:01 Produced by the JSE SENS Department.
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