Goldshield battle hots up

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Executive directors of Goldshield, which is chaired by ex-Government drugs tsar Keith Hellawell, are working on a deal to gatecrash a £162 million recommended cash offer from bid vehicle AIT.

Led by chief executive Rakesh Patel, the management team said that they are close to reaching an agreement with financial backers, believed to be private equity, and that they have already completed due diligence.

Although they are yet to table a bid themselves, they are urging shareholders not to accept AIT's offer.

The management team currently hold almost 10% of shares in the Croydon-based company.

Goldshield's independent directors said on Friday that they are recommending the 440p-a-share bid from AIT, a newly incorporated company backed by former Goldshield chief executive Ajit Patel and the Fuhrer family who own Israeli drugs group Neopharm.

If their plan to launch a counterbid fails, management is expected to try to convince investors to reject this deal on the grounds that it undervalues the business. The company's fate is likely to be decided by Schroders, which controls 29% of its shares.

Speculation has abounded about possible suitors with GlaxoSmithKline and Hikma rumoured to have been circling earlier this year.