McKesson's $8.5B Bid for Celesio Falls Flat

Law360, New York (January 13, 2014, 7:22 PM EST) -- California drug distributor McKesson Corp.’s roughly €6.23 billion ($8.5 billion) bid to take over German pharmaceutical company Celesio AG fell short, the companies said Monday, as McKesson had failed to reach the required acceptance rate by the agreed-upon deadline.

Celesio will remain an independent company, as McKesson failed to reach a 75 percent acceptance rate for its offer for outstanding shares and convertible bonds of Celesio by Thursday’s deadline, the companies said.

The failed deal ends what the companies said would have been the biggest health...
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