Elliott Accepts Sweetened Pharma Merger Deal

Jan 9 2014 | 12:59pm ET

As far as Elliott Management is concerned, McKesson Corp.'s "best and final" offer for rival pharmaceutical distributor Celesio is good enough.

Elliott said today that it would accept McKesson's higher tender offer, all-but ensuring the deal's success. The New York-based hedge fund had vowed to block the original US$8.3 billion deal, saying it "substantially" undervalued Celesio—and owned enough shares to do so.

With a midnight deadline looming for the tender offer tonight, McKesson has been scrambling to placate Elliott. The company elected to increase its offer by a little more than 2%, or €0.50 per share.

Elliott, which had suggested splitting Celesio if the McKesson deal failed, said it had also agreed to sell its Celesio convertible bonds.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...