Elliott Unveils 10% Stake In $8.2B Takeover Target Celesio

Law360, New York (November 6, 2013, 4:10 PM EST) -- The German drug distributor at the center of a €6.1 billion ($8.24 billion) takeover offer from McKesson Corp. said Wednesday that activist hedge fund Elliott Management Corp. has taken a sizable minority stake, suggesting the investor could jockey for a higher purchase price.

In a brief securities filing, Celesio AG disclosed Elliott's 10.06 percent stake, which was purchased Oct. 30, less than a week after McKesson went public with its multibillion-dollar buyout plan. The stake buy falls in step with Elliott's long-standing strategy of swooping in...
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