Celesio Investors Hold Back Support For $5.5B McKesson Bid

By Karlee Weinmann (April 7, 2014, 3:25 PM EDT) -- California drugmaker McKesson Inc. said Monday that investors in German rival Celesio AG will have another two weeks to back its takeover play after they have so far proven slow to endorse the deal, which is worth about €4 billion ($5.5 billion), plus debt.

After trying to win them over with a series of failed offers dating back to last year, McKesson finally won over Celesio's biggest shareholders — New York hedge fund Elliott Management Corp. and Franz Haniel & Cie GmbH — with a beefed-up bid in January. Agreements with those stockholders gave the California company the 75 percent stake...

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