THE BIDVEST GROUP LIMITED - Bidvest and CIH announ
BVT 201401160027A
Bidvest and CIH announcement relating to Adcock
The Bidvest Group Limited Community Investment Holdings Proprietary
Incorporated in the Republic of South Africa Limited
(Registration number 1946/021180/06) Incorporated in the Republic of South Africa
Share Code: BVT ISIN: ZAE000117321 (Registration number 1995/007296/07)
(“Bidvest”) (“CIH”)
Bidvest and CIH announcement relating to Adcock
Shareholders are referred to the announcement by Bidvest dated December 2 2013 in which a
consortium comprising Bidvest and CIH (“the Consortium”) made a cash offer to acquire up to 34.5%
of the issued ordinary shares of Adcock Ingram Holdings Limited (“Adcock”) (excluding treasury
shares) for a cash consideration of R70.00 per Adcock ordinary share (“the Offer”).
Since Bidvest’s initial approach in March 2013 to the Board of Directors of Adcock (the “Adcock
Board”), Adcock has been subjected to a protracted period of continuous delays throughout which
time the attention of the Adcock Board and management has been diverted from optimising the
operational performance of Adcock. This has been exacerbated by the protracted process relating to
the offer by CFR Pharmaceuticals SA (“CFR Offer”), including the adjournment of the scheme meeting
and the delay in issuing the documentation relating to the new CFR Offer. This will further extend the
process.
The Consortium believes it is in its best interests to be in a position to deal in Adcock shares with
complete flexibility. Accordingly Adcock shareholders are hereby advised that the Offer will close at
the close of business 17:00 on Tuesday, February 4 2014.
Johannesburg
January 16 2014
Sponsor
Investec Bank Limited
Financial advisor to the Consortium
Investec Bank Limited
Legal advisor to the Consortium
Edward Nathan Sonnenbergs
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