So Bidvest and the PIC sent “separate but virtually identical letters” to the Adock Ingram* board demanding the resignation of the chairman and the adding of four directors to the board (including Brian Joffe). That all makes sense, but here’s what I have been wondering about: are Bidvest and the PIC acting together in concert? They have some 55% of Adcock shares and do we not have an effective change of control? The Takeover Regulator says no, it needs to be a single entity, but as I understand it the Competition Act says yes. So which is it? At face value it is the Takeover Regulator that controls this issue, but one certainly cannot dismiss the competition authority. I think Bidvest and the PIC need to move carefully as the implication of a change of control is a required offer to minority shareholders at the price that Bidvest and the PIC paid.