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

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note