LONDON, Sept 20 (Reuters) - The management of the pharmaceutical business Goldshield is working on a counterbid to trump a recommended offer by the AIT group announced last week, the Sunday Times said.
The owners of Israel's Neopharm, the Fuhrer family, announced on Friday a 440 pence a share recommended offer for Goldshield, in conjunction with Goldshield's former chief executive Ajit Patel, under the umbrella of AIT.
But the Sunday Times said the statement did not include a recommendation from the company's executive management and said management was now working with a private equity firm on plans for a possible counter offer.
The paper cited city sources as saying the management, led by Chief Executive Rakesh Patel thought the AIT offer seriously undervalued the business.
No one from Goldshield was available to comment.
(Reporting by Kate Holton; Editing by Greg Mahlich) Keywords: GOLDSHIELD/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The owners of Israel's Neopharm, the Fuhrer family, announced on Friday a 440 pence a share recommended offer for Goldshield, in conjunction with Goldshield's former chief executive Ajit Patel, under the umbrella of AIT.
But the Sunday Times said the statement did not include a recommendation from the company's executive management and said management was now working with a private equity firm on plans for a possible counter offer.
The paper cited city sources as saying the management, led by Chief Executive Rakesh Patel thought the AIT offer seriously undervalued the business.
No one from Goldshield was available to comment.
(Reporting by Kate Holton; Editing by Greg Mahlich) Keywords: GOLDSHIELD/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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