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 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 Prince Harry leaving the armed forced to pursue conservation projects in Africa
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
Leonard Nimoy dead: Star Trek Spock actor dies after suffering lung disease
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...