As flagged, McKesson (MCK) has increased its bid for German peer Celesio (CAKFF) to €23.50 a share from €23 as it looks to win support for the deal from Elliott Management.
The U.S. hedge fund, which owns almost 25% of Celesio, had opposed the original offer as being too low but has agreed to sell its convertible bonds to McKesson.
The tender offer is now valued at around €4B ($5.4B) and expires at midnight tonight in Frankfurt. McKesson has made its proposal conditional on obtaining at least 75% of Celesio's shares. (Previous) (PR)
Update: Elliot says that two of its funds have agreed to sell their convertible bonds and shares in Celesio; from McKesson's press release, it wasn't clear what the status of the Elliot-held stock would be.