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McKesson Said to Offer Celesio Bid of 23.50 Euros a Share

Jan. 9 (Bloomberg) -- McKesson Corp. offered to raise its bid for German drug distributor Celesio AG to win support from U.S. hedge fund Elliott Management Corp., according to two people with knowledge of the matter.

McKesson would be prepared to pay 23.50 euros a share, up from 23 euros previously, said the people, who asked not to be identified because the discussions are confidential. The San Francisco-based company’s 3.9 billion-euro ($5.3 billion) tender offer, announced Oct. 24, expires at midnight Frankfurt time tonight.

The bid is conditional on support from stockholders representing 75 percent of Stuttgart, Germany-based Celesio’s stock. Elliott, the fund run by Paul Singer, has said the original 23-euro-a-share deal undervalues Celesio and the firm won’t tender its shares. Elliott holds more than 25 percent of the voting rights in Celesio.

Spokesmen for Celesio and Elliott declined to comment. Reuters reported the higher offer earlier today.

FIFW NSN MZ3PIQ6TTDS7 <GO> Elliott Won’t Tender Shares to McKesson Offer for Celesio (4)

FIFW NSN MXM05D6S972E <GO> McKesson Rises to Highest Value on Agreement to Buy Celesio (1)

To contact the reporters on this story: Aaron Kirchfeld in London at akirchfeld@bloomberg.net; Eva von Schaper in Munich at evonschaper@bloomberg.net

To contact the editors responsible for this story: Phil Serafino at pserafino@bloomberg.net; Aaron Kirchfeld at akirchfeld@bloomberg.net

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