ALL OFFERS NOT ACCOUNTED FOR
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.