CFR ditches Adcock bid

CFR ditches Adcock bid

M&A

Chilean drugmaker CFR Pharmaceuticals on Friday formally abandoned a bid for South African firm Adcock Ingram. The news followed a fraught negotiation process since CFR first proposed the acquisition in July. The acquisition of 34.5% of Adcock by a consortium led by the Bidvest Group, a South African conglomerate, at ZAR70 ($6.33) per share in January was what finally ended the deal. CFR would not have the 75% majority needed for its bid to go through, the Chilean said on Friday. “As a disciplin

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