McKesson launches tender offer for Celesio
Dec 5 (Reuters) - McKesson Corp said it launched a tender offer to buy outstanding shares of German peer Celesio , as the largest U.S. drugs wholesaler moves ahead to prevent hedge fund Elliott International from potentially blocking the multi-billion dollar deal.
McKesson had in October said its 23 euro ($31.07) per share takeover offer was conditional upon it obtaining at least 75 percent of Celesio's shares, including those from the convertible bonds.
Last month Elliott International lifted its stake in Celesio, bringing it close to a position where it could block McKesson's $8.3 billion takeover bid.
At that time Celesio said Elliott had gained control of 25.16 percent of the voting rights in the company. However, when additional shares from Celesio's two convertible bonds are taken into account, Elliott's voting stake stood at 21.05 percent.
As per McKesson's offer made on Thursday, Celesio shareholders can tender their shares until Jan. 9. McKesson also launched tender offers for Celesio's convertible bonds due 2014 and 2018.
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