The battle for Goldshield intensified as the pharmaceuticals group’s management returned to the field with a cash bid of 460p a share – only two days after the former chief executive’s team increased its offer from 440p to 450p.

Rakesh Patel, the current chief executive, and the management team, working with HgCapital, also acquired more than 6m shares – or 17 per cent of the total stock – at 460p a share as Schroder sold most of its holding. It now has an interest, including irrevocable undertakings to accept the offer, of more than 40 per cent.