SOUTH African Druggists Ltd (SAD) said on Wednesday that it has received a proposal from Fedsure Holdings and Aspen Healthcare who are to co-operate to make an offer for SAD’s ordinary shares. SAD also said that a separate, conditional offer from Aspen and a third company, Macmed Healthcare Ltd, has lapsed. The Fedsure/Aspen bid comes after Fedsure’s attempts last year to take over the entire issued capital fell through after the Competition Board blocked its plans to sell SAD’s pharmaceutical interest to rival group Adcock Ingram for R2-billion. Fedsure is only interested in SAD’s health care management services.