AIT and former boss raise their offer for Goldshield
Saturday 03 October 2009
The race for generic drug-maker Goldshield intensified yesterday when AIT Investments, a consortium led Israel's Fuhrer family and the group's former chief executive Ajit Patel, offered £176.8m for the company.
The 480p-a-share bid bettered AIT's initial approach and follows a clutch of offers for Goldshield, which specialises in producing drugs for conditions such as osteoarthritis. Last month AIT offered 440p a share, before upping it to 450p amid speculation that a rival approach would be made by the group's existing management team, led by chief executive Rakesh Patel.
Rakesh Patel and his team, who have been considering a bid for a number of months, joined forces with Midas Bidco to offer 460p a few days the initial AIT offer. Midas is run by buyout specialists Hg Capital.
Goldshield's management had approached the non-executive directors about an offer in January, but it was too low to offer to shareholders. A further offer was made in July, but it again fell below the 440p-a-share bid made by AIT.
Ajit Patel left Goldshield in June 2007 after being charged by the Serious Fraud Office, along with the company itself, over an alleged conspiracy to fix the price of certain drugs and therefore defraud the NHS.
The SFO case collapsed last December after it was refused leave to appeal against a ruling that had found in favour of Mr Patel and Goldshield.
Yesterday's offer represents a 48.4 per cent premium to Goldshield's closing price on Thursday evening, although the shares have drifted in recent days.
AIT is an investment vehicle for the Fuhrer family and also owns Neopharm, an Israeli generic drug group. The final decision on the sale rests with Schroders, which owns 29 per cent of Goldshield.
Kirstie Allsopp has waded into the female fertility debate again
Gillian Anderson lays into gender disparity in Hollywood
The Sistine Chapel is set to be illuminated with thousands of LEDs
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Jennifer Lawrence nude photos leak: More celebrities allegedly targeted as third wave of hacked images released
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...