McKesson Salvages Celesio Buy With Reworked Deals

Law360, New York (January 24, 2014, 11:22 AM EST) -- Days after a €6.23 billion ($8.5 billion) proposal crumbled, drug distributor McKesson Corp. said late Thursday that it salvaged plans to absorb German peer Celesio AG through reworked agreements with the target company's central shareholders, including an activist investor that previously endorsed the tie-up.

Under the revised terms, California-based McKesson will take over Franz Haniel & Cie GmbH's majority stake in Celesio in exchange for a €23.50-per-share payout — the same price that failed to win shareholder support in a tender offer that expired earlier this...
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