SELL AND RUN
Bidvest has made an offer for t he remaining Adcock Ingram shares it doesn’t own, at R52 a share. This i s because i t t ook out t he BEE s hareholders a nd t hat pushed it through the 35% level, so the company has to make the offer – this after it offered R70 while it t ussled with Chilean CFR. But t he question is whether t he PIC, which owns just over 15% of Adcock Ingram, will sell at this price. In truth, would anybody? I was a holder of Adcock Ingram for a while, buying at around R58 thinking that if Bidvest buys at R70 then R58 must be a good price. But continued weakness in the share price and comments f rom Bidvest i n its annual report of September last year saying that things were worse than it thought and that it had overpaid, made me exit at around this R52 offer price. Certainly if I was still holding I would take the R52 and run.