Johannesburg, Nov 6 - South African food and pharmaceuticals group Tiger Brands said on Tuesday it would unbundle and list its healthcare unit Adcock Ingram.
Tiger Brands, South Africa's biggest consumer-branded products group, said in a statement it expected to complete the listing by March 31, 2008.
Tiger Brands had received several non-binding bids for the whole and parts of Adcock Ingram from both domestic and international parties, it said.
"Tiger Brands has considered both the qualitative and quantitative aspects of the non-binding offers and has decided that an unbundling and separate listing of Adcock Ingram on the JSE would best serve the interests of its shareholders," Tiger Brands said.
At 1421 GMT, Tiger Brands was trading 1.45 percent firmer at 191.75 rand, in line with the Top-40 which, which was 1.46 percent higher.
Tiger Brands asked shareholders to exercise caution in their dealings in its securities until it made a further announcement.
The firm said it had appointed investment bank UBS South Africa to evaluate the group's options with regard to its healthcare unit.