Newspaper article from our research archive:

Germans win battle for AAH

BY MAGNUS GRIMOND

The German pharmaceuticals group GEHE yesterday emerged victorious in its pounds 400m battle for control of AAH, Britain's leading drugs wholesaler.

But the bid was thrown into some confusion almost as soon as GEHE declared its offer "unconditional as to acceptances" after winning the backing of owners of close to 65 per cent of the shares.

Despite the clear majority in favour, AAH said it could not advise shareholders to accept the 445p a share offer as GEHE was unable to say its offer was unconditional in all respects until the board of its UK subsidiary had met. Technically, the bidder could allow the offer to lapse if the detailed legal conditions of the bid had not ...

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