Share “McKesson raises bid to buy Celesio”

McKesson raises bid to buy Celesio

Published on NewsOK Modified: January 9, 2014 at 6:32 am •  Published: January 9, 2014

SAN FRANCISCO (AP) — McKesson Corp. has raised its bid for rival German pharmaceutical drug distributor Celesio with what it said Thursday was its best and final offer.

San Francisco-based McKesson is now offering 23.5 euros for each share of Celesio. That equates to about $31.97 per share and is up from an offer of 23 euros last month. That offer is currently worth about $31.29 per share.

McKesson said Thursday it had reached a deal with Franz Haniel & Cie. GmbH, which holds a 50 percent stake in Celesio, on the higher bid.

McKesson also struck a deal with the hedge fund Elliott to acquire its Celesio convertible bonds if the latest takeover bid succeeds. Elliott owns about a 25 percent stake in Celesio and had contended that the company was worth more than the $8.3 billion value of the previous offer.

The hedge fund didn't specify an acceptable price, but it had vowed last month not to accept McKesson's earlier bid, which was worth $31.65 per share in early December.

McKesson needs support from roughly three-fourths of Celesio's stockholders and bondholders. The company's new offer expires Thursday, which was the same deadline for the previous bid.

McKesson also provides information technology services and medical-surgical supply management.

Its shares rose 2.5 percent, or $4.19, to $174 in premarket trading Thursday about 2 ½ hours before the market open. That stock price had already climbed 66 percent in 2013 after closing the previous year at $96.96.


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