ARYTON-ADCOCK INGRAM TAKE OVER HAS BEGAN

The offer for the take-over of ARYTON DRUG by ADCOCK INGRAM officially commenced on Monday, February 15, 2010.

The offer involves the purchase of all the 215 million issued ordinary shares of AYRTON DRUG by ADCOCOK INGRAM at a price of GH¢0.16 or 16 pesewas per share.

ARYTON shareholders who represent 52.37% of the entire issued share capital can undertake their transfer process with sponsoring broker, First Atlantic Brokers from Monday, February 15 till March 29.

This, which represents the next crucial phase to finalize the take over process, comes after its documents received final approval from the regulator, the Securities and Exchange Commission (SEC).

ADCOCK has indicated plans of maintaining the listing of ARYTON on the Ghana Stock Exchange unless the implementation of the offer results fails to satisfy the requirements.

In an interview with Citi Business, the Managing Director of ARYTON DRUG, Samuel Adjepong reiterated this saying ADCOCK has given its indication of maintaining most of the company’s operational status-quo.

“We have had series of meeting with our staff and explained to them the reason for the acquisition and the benefit that it would bring to Aryton drugs”, he noted.

According to Mr. Adjepong, “Adcock Ingram has no intention of interfering with the client management but they are actually happy with the way Ayrton drugs have been growing persistently over the years”.

He added that “it is up to every shareholder to be convinced that the proposal is worth considering”.

Both companies have indicated that the transaction is in line with their bid to expand their operations in Africa.

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