ALL OF­FERS NOT AC­COUNTED FOR

Finweek English Edition - - INVESTMENT -

Adcock In­gram has an­nounced the deal for CFR to take over the com­pany of­fer­ing a mix of cash and lo­cally listed CFR shares (still to be listed). The price at R75.92 is a sig­nif­i­cant pre­mium to the mid-R50s the stock was trad­ing at when Bidvest made the ini­tial of­fer, so share­hold­ers owe Brian Joffe a thanks for boost­ing the share some 40%. But while Adock’s board keeps on men­tion­ing many of­fers for the com­pany, the share­hold­ers have only been pre­sented with one to vote on. I think the board should have pre­sented all the of­fers to share­hold­ers and yes, it could have in­di­cated its pre­ferred of­fer but left it to share­hold­ers to de­cide what to do with their com­pany.

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