McKesson Woos Hedge Fund With Heftier $8.4B Celesio Bid

Law360, New York (January 9, 2014, 12:00 PM EST) -- California drug distributor McKesson Corp. on Thursday boosted a takeover bid to value rival Celesio AG around €6.23 billion ($8.4 billion), winning over an activist hedge fund that suggested it would scuttle the deal if the company refused to increase the purchase price.

The tweak came on deadline day for McKesson's tender offer amid reports that the company was hashing out a compromise with Elliott Management Corp., which since late October had built up a Celesio stake of more than 25 percent, factoring in convertible bonds...
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