Mayne Pharma says the American healthcare giant in the midst of a takeover of the ASX-listed contraceptives business has no credible reason for closing its Adelaide factory, suggesting it has only raised the possibility it would close the plant to scupper the $672 million transaction.

Cosette, backed by private equity, had lobbed the bid but is trying to get out of finalising the takeover, alleging that it was misled about the true financial health of Mayne. While that court process plays out, Cosette found an unlikely ally in South Australian Premier Peter Malinauskas, who flagged he would ask the Foreign Investment Review Board to reject the deal . Loading...

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