Elliott Gives Irrevocable Binding Commitment to Reject McKesson's Current Tender Offer for Celesio

LONDON, December 23, 2013 /PRNewswire/ --

Elliott binds itself not to accept offer on current terms

Elliott Associates, L.P. and Elliott International, L.P. together with affiliated entities ("Elliott"), which own or have an interest economically equivalent to over 25% of Celesio AG (1), announced today that Elliott has irrevocably bound itself not to accept McKesson Corporation's current tender offer for the outstanding shares and convertible bonds of Celesio, unless those terms are improved. Elliott's concluded view is that McKesson's current offer for Celesio substantially undervalues the company and is not in the best interests of Celesio shareholders and bondholders.

Elliott has seen reports suggesting that it will change its mind and accept McKesson's offer. These reports are categorically incorrect. To be absolutely clear, Elliott's final, binding decision is not to accept McKesson's offer on its current terms.

(1) Calculated in accordance with Section 25a of the German Securities Trading Act (Wertpapierhandelsgesetz/WpHG), in connection with Sections 21, 22 and 25 WpHG

About Elliott

Elliott Associates, L.P. and Elliott International, L.P., together have more than $23 billion of assets under management. Founded in 1977, Elliott is one of the oldest hedge funds under continuous management. The Elliott funds' investors include large institutions, high-net-worth individuals and families, and employees of the firm.

Elliott is advised on its European investments by Elliott Advisors (UK) Limited, an investment firm authorised by the Financial Conduct Authority.