Goldshield agrees 166m deal with AIT
PHARMACEUTICAL firm Goldshield last night said it had agreed terms on an improved £165.7m offer made by AIT, its former chief executive’s bid vehicle.
AIT yesterday raised its offer to 450p, up from its 440p original bid.
Goldshield, which manufacturers appetite suppressant drug Appesat, found itself in the centre of a bid battle after the executive management team tried to gatecrash AIT’s offer.
AIT, made up of the owners of Neopharm, the Fuhrer family, and former chief executive Ajit Patel, lifted its bid to a premium of 32 per cent to the price the shares closed at before the bid was made public.
Earlier this week Morning Wire revealed that the group’s management team had failed to trump AIT’s offer, despite working on a bid since January. However, a source close to Goldshield said it would be willing to listen to a higher offer from the rival executive management team.