A consortium led by Bidvest Group Ltd., South Africa’s second-biggest company by revenue, made an all-cash offer to buy a 34.5 per cent stake in Adcock Ingram Holdings Ltd, countering a cash and stock bid for the whole company by Chile’s CFR Pharmaceuticals SA.

Bidvest and closely-held Community Investment Holdings (Pty) Ltd is offering 70 rand a share, valuing the stake at 4 billion rand ($393 million), Johannesburg-based Bidvest said in a statement today. Bidvest already owns about 4 per cent of Adcock, excluding treasury shares, the company said. Bidvest’s offer comes 16 days before Adcock shareholders will vote on Santiago-based CFR’s 12.6 billion rand bid, a proposal that has been recommended by the Adcock board. CFR made a firm offer on November 15th. – (Bloomberg)