AIP - Adcock Ingram - Initiation of call option process by Baxter Healthcare S
("Baxter") in respect of Adcock Ingram Critical Care (Pty) Limited ("AICC") and
cautionary announcement
Adcock Ingram Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 2007/016236/06
Share code: AIP
ISIN: ZAE000123436
("Adcock Ingram" or "the Company")
Initiation of call option process by Baxter Healthcare SA ("Baxter") in respect
of Adcock Ingram Critical Care (Pty) Limited ("AICC") and cautionary
announcement
Shareholders are advised that the Company has received formal notification from
Baxter of its intention to initiate the call option process as set out in the
agreement between, inter alia, Baxter, Adcock Ingram and AICC dated 17 July 2008
("Option Agreement"), the salient terms of which were disclosed to Adcock Ingram
shareholders in section 2.5.2 of the Company's Pre-Listing Statement dated 29
July 2008.
In terms of the Option Agreement, Baxter would be entitled to acquire 51% of the
shares in AICC pursuant to completion of a due diligence of AICC and agreeing a
fair market valuation with Adcock Ingram, in terms of a defined valuation
methodology.  In terms of the notice, Baxter shall now proceed to carry out a
valuation of AICC and request certain due diligence information. The valuation
and regulatory approval processes are expected to take at least four months, and
may possibly continue for the remainder of the calendar year.
Shareholders are therefore advised to exercise caution when dealing in Adcock
Ingram securities, until a further announcement is made.
Midrand
8 February 2010
Financial adviser and sponsor to Adcock Ingram
Deutsche Securities (SA) (Proprietary) Limited
Date: 08/02/2010 16:57:02 Produced by the JSE SENS Department.
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