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McKesson to Buy 75.99% of Celesio Shares Via New Agreements 2014-01-23 21:18:15.316 GMT
By Rachel Layne Jan. 23 (Bloomberg) -- McKesson to buy most of Celesio for EU23.50 per shr under new agreement w/Franz Haniel & Cie, to buy conv. bonds held by Elliott Mgmt; sees deals closing within 10 business days. * Deal funded partly in cash, balance in bridge financing * Will launch tender offer to minority holders after deals close * Sees transaction adding $1-$1.20 to adj. EPS in first 12 mos after transaction close, assumes 100% ownership * MCK sees annual synergies between $275m-$325m * MCK up 2.7% post-mkt * MCK 15 buys, 3 holds, 1 sell * CLS1 GR 4 buys, 7 holds, 1 sell * After agreements close, MCK will exceed 75% ownership on fully-diluted basis * NOTE: Earlier, Haniel, Elliot close to agreement on Celesio stake, Boersen-Zeitung reported * NOTE: Jan. 14, MCK may seek joint venture w/Celesio after failed bid; Jan. 9 MCK offered to raise bid to win support from Elliot Mgmt Statement
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To contact the reporter on this story: Rachel Layne in Boston at +1-617-210-4634 or rlayne@bloomberg.net
To contact the editor responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net