McKesson Corporation has sweeten its offer for German counterpart Celesio AG in a bid to win over hedge fund Elliott Management Corporation. McKesson has lifted its bid from €23 per Celesio share to €23.50 apiece.
Celesio AG
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Hedge fund Elliott International, which owns a 25.16% stake in Celesio, said that reports suggesting it will accept McKesson Corporation's $8.3 billion bid for the German drugs wholesaler are incorrect. Elliott had irrevocably rejected McKesson's offer, saying that it undervalues Celesio.
Celesio's supervisory and management board on Wednesday recommended shareholders to approve the $8.3 billion buyout offer from US drug distributor McKesson Corp. Elliott Management Corp, one of Celesio's shareholders, earlier refused McKesson's offer.
The approval for a bridge loan was given to McKesson to facilitate its acquisition of Celesio AG.
As reported by Dow Jones, Celesio shares increase after McKesson interest in buyout becomes public.
Haniel & Cie GmbH hires JPMorgan to decide on sale of Celesio stake.
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