Chile's largest drug maker bids for Adcock Ingram

Chile's largest drug maker CFR Pharmaceuticals has made a non-binding offer for Adcock Ingram at $1.3 billion. The potential offer price from CFR is 73.51 rand, 14 percent more than Adcock’s closing price of 64.50 rand yesterday. The offer price is almost twice the offer made by Bidvest group 3 months back. CFR offer price values  Adcock at 12.2x EV/EBITDA or 22x earnings.