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McKesson Likely to Make Another Celesio Offer: Sterne Agee 2014-01-13 19:51:48.906 GMT
By Joshua Fineman and Catherine Larkin Jan. 13 (Bloomberg) -- Any dissenting Celesio holders may be swayed to vote for revised McKesson deal due to certainty of tender offer, Sterne Agee analyst Greg Bolan wrote in note. * MCK “material” accretion assumed in Street models; MCK has already done a lot of work on deal, likely MCK makes “one more attempt” for Celesio * MCK remains buy at Sterne Agee, PT $185, Bloomberg avg. $183 * MCK may look to form a purchasing JV after CVS, CAH made similar agreements; MCK likely to do shr repurchase in N-T if some JV opportunity doesn’t happen, Leerink analyst David Larsen says in note * MCK weakness is buying opportunity; see stock floor ~$150/shr: Leerink; remains outperform, PT $180 * NOTE: Earlier, MCK CEO said will continue to look for M&A, JV opps * NOTE: Earlier, MCK T/O offer for Celesio failed to meet reqd 75%
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To contact the reporters on this story: Joshua Fineman in New York at +1-212-617-8953 or jfineman@bloomberg.net; Catherine Larkin in Chicago at +1-312-443-5968 or clarkin4@bloomberg.net
To contact the editor responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net