The top shareholder in South African drug maker Adcock Ingram has rejected a $1.3 billion takeover offer from Chile's CFR Pharmaceuticals, saying the deal was not in its best interests, Business Day reported on Thursday. The Public Investment Corporation (PIC), a state-owned pension fund, did not believe the cash and share offer was "in the best interest of its shareholding", the daily reported. CFR said in September it would offer 12.6 billion rand in cash and shares to buy South Africa's No.2 drug maker, which supplies equipment to public hospitals and life-prolonging antiretroviral drugs to HIV/AIDS patients. South Africa has a history of sinking cross-border deals if they are seen as a threat to initiatives aimed at raising living standards among the country's black majority.
via Health News Headlines - Yahoo! News
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