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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...