Goldshield management fail to trump AIT’s offer
THE TAKEOVER battle for drug firm Goldshield was believed to be in its final stages yesterday.
It now seems unlikely that someone will table a better bid than the £162m being offered by AIT, the investment vehicle of former chief executive Ajit Patel.
Goldshield management, who own 9.62 per cent of the firm, on Monday confirmed they were trying to gatecrash AIT’s 440p-a-share offer.
But the group’s independent directors revealed that the management team has already made several failed offers for the group since January.
The management, including current chief executive Rakesh Patel, have yet to come up with a higher bid than AIT’s – despite criticising the 440p-a-share offer as “too low”.
Analysts said they believed the battle to be over now, with AIT assuming control of the group shortly.