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.
- 1 Labour rallies behind Flint as deputy leader to offset a Corbyn win
- 2 The difference between a psychopath and a sociopath
- 3 It won’t work, Jeremy: The Health Secretary has lost the confidence of the medical profession in his attempt to reform the NHS
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 'Cool kids' can go on to become losers in later life, study finds
Labour rallies behind Flint as deputy leader to offset a Corbyn win
Kim Jong-un is awarded global statesmanship prize by Indonesia
Dutch King Willem-Alexander declares the end of the welfare state
RuPaul interview: The drag star on being inspired by Bowie, never fitting in, and saying the first thing that comes into your head
Calais crisis: Migrants that have made it to the UK reveal how Britain has matched their expectations
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
Calais crisis: For desperate migrants it is 'England or death' as they brave dogs, riot police and speeding trains
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: This is an exciting opportunity...
£13000 - £15000 per annum: Recruitment Genius: Are you passionate about custom...
£22000 - £25000 per annum: Recruitment Genius: Main purpose: Under the directi...
£35000 - £37000 per annum + benefits : Ashdown Group: Contracts Manager - City...