Goldshield set for takeover battle from management

Pharmaceutical firm Goldshield is is locked in the midst of a takeover battle after plans of a management-led buyout were revealed.<br /><br />On Friday the group&rsquo;s independent directors announced that Neopharm, the Fuhrer family owned firm, made a 440p per share bid for the group, valuing the company at about &pound;161.2m. <br /><br />But the group&rsquo;s management refrained from commenting on the statement to the market. <br /><br />It is now thought the management, led by chief executive Rakesh Patel, are working on a counter bid, believing Neopharm&rsquo;s offer seriously undervalues the company. <br /><br />Neopharm&rsquo;s owners, the Fuhrer family, made the bid in conjunction with Ajit Patel under the umbrella of its AIT investment vehicle.<br /><br />Patel, a former chief executive, stepped down in 2007 to concentrate on fighting a price-fixing case brought against Goldshield by the&nbsp; Serious Fraud Office, which Goldshield won in July 2008.