Celesio Update:
We spoke to Celesio IR today on the available options to Mckesson to still revise the offer price for CLS1:
The Celesio IR said that there is a technical point that could be utilized to still raise a bid price for CLS1.
- As per the takeover regulations if a bidder acquires target shares in the market at a price greater than the offer price (of Eur23), the remaining shareholders should be offered the higher price.
- Hence, it’s still technically possible for Mckesson to buy Elliott’s holding at a higher price before the offer close today (24:00 hrs local time) and thereby raise the offer price.
The remaining shareholders can accept the offer in the secondary offer period that will commence after the announcement of the offer results (for the offer closing today).
Comment: If it is the case as described above, we would expect the additional acceptance period to open on 16 Jan and close on 29 Jan (2 weeks). Settlement in additional acceptance period will take place within 7 banking days.