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Hedge Fund Seeks Higher Bid in Pharmaceutical Merger

NYT – Elliott Management, the New York-based hedge fund founded by Paul Singer, urged the McKesson Corporation on Tuesday to sweeten its deal to acquire the German pharmaceutical wholesaler Celesio, saying its tender offer to acquire the outstanding shares of Celesio “substantially undervalues” the company.

In October, McKesson, the health care services company based in San Francisco, announced that it had acquired a controlling stake in Celesio from Franz Haniel & Cie., the company’s majority shareholder, and planned to start a tender offer for the remaining shares in a deal valued at $8.3 billion.

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