Thursday, 26 November 2015
Last updated 11 hours ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…