Goldshield set for takeover battle from management
Pharmaceutical firm Goldshield is is locked in the midst of a takeover battle after plans of a management-led buyout were revealed.
On Friday the group’s independent directors announced that Neopharm, the Fuhrer family owned firm, made a 440p per share bid for the group, valuing the company at about £161.2m.
But the group’s management refrained from commenting on the statement to the market.
It is now thought the management, led by chief executive Rakesh Patel, are working on a counter bid, believing Neopharm’s offer seriously undervalues the company.
Neopharm’s owners, the Fuhrer family, made the bid in conjunction with Ajit Patel under the umbrella of its AIT investment vehicle.
Patel, a former chief executive, stepped down in 2007 to concentrate on fighting a price-fixing case brought against Goldshield by the Serious Fraud Office, which Goldshield won in July 2008.