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Billionaire Paul Singer’s Hedge Fund Accepts McKesson’s Higher Bid For Celesio, Reaches Deal With Compuware

Forbes – Billionaire New York hedge fund manager Paul Singer is known for conducting a long financial battle against Argentina and making political contributions to Republican causes. But at his core he is an activist hedge fund manager and he is making his presence felt in financial markets in 2014 on both sides of the Atlantic Ocean.

Singer’s Elliott Management hedge fund on Thursday moved to help McKesson  the U.S. drug wholesaler, buy Celesio for $8.3 billion by accepting McKesson’s higher bid for the German drug distributor. McKesson raised its tender offer to 23.50 euros per share. Elliott Management’s hedge funds, which owned more than a quarter of Celesio, agreed to sell most of its shares and convertible bonds in Celesio after having rejected McKesson’s initial offer.

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