Top shareholder in S. Africa's Adcock rejects CFR $1.3 billion bid

has rejected a $1.3 billion takeover offer from Chile's CFR Pharmaceuticals 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. The PIC, which has more than 1 trillion rand ($97.37 billion) of government employee pensions under its custody, also said in it was taking a long-term view on its Adcock investment.



via Health News Headlines - Yahoo! News http://news.yahoo.com/top-shareholder-africas-adcock-rejects-cfr-1-3-085407886--finance.html