McKesson raises offer for Germany's Celesio

|About: McKesson Corporation (MCK)|By:, SA News Editor

McKesson (MCK) has reportedly increased its bid for German peer Celesio to €23.50 a share from €23 in order to try to persuade hedge fund Elliot International to support the offer from the U.S. drugs wholesale group.

Elliot, which owned a 22.7% voting stake in Celesio as of late December, rejected McKesson's initial proposal as being too low.

McKesson has made its offer conditional on obtaining at least 75% of Celesio's shares by tonight. It has already agreed to buy 50.01% from diversified holding company Franz Haniel & Cie. (Previous)