) announced that it has launched a public takeover offer for the
outstanding shares of Germany-based drug distribution company
The company also launched tender offers for the outstanding
convertible bonds of Celesio at a price corresponding to the
value of the underlying shares implied by the offer price of €23
per share. The offers were launched through McKesson's indirect
wholly-owned subsidiary Dragonfly GmbH & Co. KGaA.
The tender offer for bonds equals to €53,117.78 per bond for
Celesio's convertible bond due 2014 (principal amount of €50,000)
and €120,798.32 per bond for Celesio's convertible bond due 2018
(principal amount of €100,000).
We remind investors that McKesson announced that it has signed
an agreement to acquire a majority stake in Celesio for
approximately €23 per share or $8.3 billion in Oct 2013. Under
the terms of a share purchase agreement between McKesson and the
largest shareholder in Celesio - Franz Haniel & Cie. GmbH -
the former has agreed to acquire latter's stake in Celesio, which
currently represents 50.01% of the total outstanding shares of
The acquisition is conditional upon regulatory approvals and
the acquisition of a 75% stake in Celesio by McKesson.
Celesio provides logistics and services in the pharmaceutical
and healthcare sector with operations in approximately 14
countries. The potential acquisition, if it goes through, will
allow McKesson to gain a foothold in Europe, thereby
geographically expanding its core operations further.
McKesson currently carries a Zacks Rank #1 (Strong Buy). Other
stocks that currently look attractive include
Rite Aid Corporation
). While Cardinal Health and Herbalife carry a Zacks Rank #2
(Buy), Rite Aid Corporation (RAD) is a Zacks Rank #1.
CARDINAL HEALTH (CAH): Free Stock Analysis
HERBALIFE LTD (HLF): Free Stock Analysis
MCKESSON CORP (MCK): Free Stock Analysis
RITE AID CORP (RAD): Free Stock Analysis
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