Elliott Again Lifts Stake In $8.2B Buyout Target Celesio

Law360, New York (November 26, 2013, 12:36 PM EST) -- Activist hedge fund Elliott Management Corp. again boosted its stake in German drug distributor Celesio AG, according to a Tuesday securities filing, giving it more leverage to potentially thwart a €6.1 billion ($8.2 billion) takeover offer from McKesson Corp.

Elliott now holds 25.16 percent of Celesio's voting rights, a figure knocked down to just over 21 percent by factoring in additional shares from the German company's convertible bonds. The New York-based investor has steadily built up its holding since Oct. 30, less than a week after...
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