McKesson acquisition of German rival Celesio fails
USA-based health care service and information technology giant McKesson Corp (NYSE:MCK) revealed yesterday that it was unsuccessful in reaching the 75% completion condition in its offer for the outstanding shares and convertible bonds of Celesio (CLS1: XE).
McKesson launched its $8.3 billion bid to acquire a 50.01% stake in its German rival last year, with the aim of gaining full control eventually (The Pharma Letter October 24, 2013). However, Celesio shareholders – notably the activist hedge fund Elliott Associates - rejected this offer, as well as a more recent increased “best and final” offer last week of $23.50 per share, compared with the original $23.00.
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