McKesson (NYSE:MCK) reports that
its offer to stockholders to exchange its common shares for shares of
PF2 SpinCo, which holds MCK’s interest in Change Healthcare LLC, is
overprescribed.
About 98.2M of MCK shares were tendered, of which ~15.4M were accepted in exchange for ~176M SpinCo shares (1:11.4086 ratio).
SpinCo will be merged with and into Change Healthcare (NASDAQ:CHNG), a healthcare data and analytics provider, enabling MCK to exit its investment.
MCK is up 3% premarket on modest volume while CHNG is up 12% on robust volume.
https://seekingalpha.com/news/3550134-mckesson-up-3-on-overprescribed-exchange-offer-for-spinco-shares
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