Chilean drugmaker CFR Pharmaceuticals SA said it made a firm R12.6 billion offer to buy local drugmaker Adcock Ingram Holdings Ltd., with a minimum cash offer of 51%. The company, which made a non-binding offer for Johannesburg-based Adcock in July, said today the proposal had been recommended to investors by the Adcock board and was officially supported by about 45% of shareholders. “The compelling rationale for the proposed combination has been accepted by the overwhelming majority of all stakeholders we have engaged with,” CFR CEO Alejandro Weinstein said. Adcock shares gained as much as 4.3%, the most in two months, and traded 2.3% higher at R70.90 as of 3:52pm in Johannesburg. The offer values Adcock at R73.51 to R77.02 per share, CFR said. Weinstein said on November 11 that CFR could walk away from its attempt to buy Adcock if it did not receive support for its offer. The Public Investment Corp (PIC), Adcock’s biggest shareholder with a 19% stake, said on November 6 it would not back the deal.As Africa’s biggest money manager, PIC still has not given its support, chief investor officer Daniel Matjila said by phone today. Shareholders will vote on the takeover proposal on December 18 and Adcock has not received any alternative offers, chairperson Khotso Mokhele said. London-based private equity firm Actis LLP is considering a second bid for Adcock if the CFR deal collapses, a source familiar with the situation said on November 13. “We have not received any other offers,” Mokhele said. “We believe that we have a very attractive offer for the company and shareholders.” Adcock will “continue to engage” with the PIC about the merits of the CFR proposal, he said. “I’m very hopeful that we will be able to find one another.” A minimum of 51% and as much as 64% of the R12.6 billion offer will be in cash with the balance in CFR shares, the Chilean company said. The combined value of the offer price and identified synergies is more than R80 per share, it said. The new company would be listed in Santiago and in Johannesburg.