AIP - Adcock Ingram - Initiation of call option process by Baxter Healthcare SA

AIP
AIP                                                                             
AIP - Adcock Ingram - Initiation of call option process by Baxter Healthcare SA 
("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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