Reuters: McKesson preparing to offer concessions to save planned acquisition of Celesio

FRANKFURT, Germany — McKesson is preparing to offer concessions to hedge fund Elliott to save its planned acquisition of Celesio, Reuters reported Wednesday morning, citing people familiar with the deal. 

Elliott almost has a large enough stake in Celesio to block the deal and has rejected the $8.3 billion acquisition offer. 

According to the report, Elliott has 25.2% of the voting rights in Celesio but when shares from Celesio's two convertible bonds are taken into account, the investor's voting stake is 22.7%, below the 25% it would technically need to block the deal.