Saturday, 18 April 2015
Last updated 7 hours ago
Jan 27 2014 | 11:38am ET
Elliott Management will ensure the success of a pharmaceutical merger, after all.
The hedge fund, which ended its battle with McKesson Corp. when the company boosted its offer for Celesio by 2%, has agreed to sell its roughly 25% stake in Celesio to Franz Haniel & Cie, which already owns a majority stake in the company. In turn, Haniel has accepted McKesson's offer, which the latter had dropped two weeks ago after it failed to win the necessary 75% backing from shareholders.
In addition, Elliott has agreed to sell its convertible bonds in Celesio to McKesson at an undisclosed price, and to stop interfering with the transaction, Reuters reports. Elliott reportedly made most of its profit on the deal through the sale of the convertible bonds.
The deals will allow McKesson to take control of Celesio through a domination and profit-and-loss transfer agreement, one that will eventually force Celesio's minority shareholders to give up their stock.
"We are excited to move forward with our acquisition of Celesio," McKesson CEO John Hammergren said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…