Seeking Alpha

McKesson raises offer for Germany's Celesio

  • 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)
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