McKesson raises bid to buy Celesio

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Associated Press

Posted on January 9, 2014 at 7:01 AM

Updated Thursday, Jan 9 at 7:01 AM

SAN FRANCISCO (AP) — McKesson Corp. says it is raising its bid for rival pharmaceutical drug distributor Celesio, but says that will be its best and final offer.

The San Francisco company says it is now offering 23.5 euros for each share of the German company. That equates to about $31.97 per share and is up from an offer of 23 euros it made last month.

McKesson also says it has reached an agreement with the hedge fund Elliott to acquire its Celesio convertible bonds if the latest takeover bid succeeds. Elliott had contended that Celesio was worth more than the $8.3 billion value of the previous offer.

McKesson's new offer expires Thursday, which was the same deadline for the previous bid.

McKesson shares slipped 16 cents to $169.65 in premarket trading Thursday.

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