Analyst take: McKesson may make second attempt at Celesio

 NASHVILLE, Tenn. — McKesson may take another bite of the Celesio apple, suggested Sterne Agee analyst Greg Bolan in a note published Monday.

"At the JP Morgan healthcare conference, CEO John Hammergren made it clear that they will not overpay for assets and that 23.5 euros was the limit for Celesio," Bolan noted. "Now that the Celesio tender offer has officially expired, McKesson would need to create a new tender offer. We think the company has come this far and would think they re-engage Celesio shareholders to inquire whether 75% of shares will be tendered at 23.5 euros."

If McKesson did make a second go of it, Celesio shareholders may approve the deal this time. "With Celesio shares currently trading 11% below the deal price, we would think any dissenting shareholders may be swayed due to the certainty of a tender offer, assuming of course that McKesson decides to resubmit an offer," Bolan wrote. "With all of the work McKesson has committed to this deal, we would have to think the company makes one more attempt for Celesio."