FRANKFURT Jan 13 U.S. drugs wholesaler group
McKesson said on Monday that it has failed to win enough
support for its $8.4 billion offer to acquire German drugs
The suitor last week raised its offer for Celesio to 23.50
euros per share from 23 euros following pressure from activist
hedge fund investor Elliott, which had become Celesio's
second-largest shareholder behind Franz Haniel & Cie GmbH.
But McKesson said on Monday it has still failed to get
across the 75 percent threshold for acceptances which it had set
as a condition for going ahead with the higher offer.
"While we are disappointed that we were not successful in
completing our offers for Celesio, we have a track record of
great performance, a strong balance sheet and demonstrated
leadership and scale across our markets," McKesson's chairman
and chief executive, John Hammergren, said in a statement.
"We are well positioned and will continue to explore and
evaluate opportunities to further strengthen our businesses
through our disciplined approach to capital allocation."
Franz Haniel & Cie GmbH, which holds a 50.01 percent stake in
Celesio and had accepted the original offer, said it regretted
that the bid was not successful.
"We can now take our time at Haniel to calmly analyse the
situation and consider all options," Chief Executive Stephan
Gemkow said in a statement.
No one at Elliott was immediately available to comment.