Hedge Fund News From HedgeCo.Net

Hedge Fund Has No Plans to Participate in Tender Offer for Celesio

NYT – Elliott Management, the New York-based hedge fund company founded by Paul Singer, reiterated Monday that it had no plans to participate in a tender offer by the McKesson Corporation for the German pharmaceutical wholesaler Celesio unless the deal were sweetened.

The hedge fund, which has an economic interest of more than 25 percent in Celesio, said it believed that the current offer “substantially undervalues” Celesio and was not in the best interest of shareholders and bondholders.

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