Eli Lilly Extends Offer to Purchase McKesson Corporation Shares
Eli Lilly and Company has extended its offer to acquire all outstanding shares of common stock of McKesson Corporation until November 21, 1994. The move follows the original offer announced on July 11, 1994. As part of the acquisition, Lilly expects to distribute shares of a newly formed McKesson corporation to its shareholders. Approximately 16.9 million shares of McKesson common stock had been tendered by November 9, 1994.
Key Takeaways:
- Eli Lilly has extended its offer to purchase all outstanding shares of McKesson Corporation common stock until November 21, 1994.
- The terms of the extended offer remain identical to the original offer announced on July 11, 1994.
- McKesson Corporation has set November 19, 1994 as the record date for the distribution of shares of a newly formed McKesson corporation.
- Lilly expects that its tender offer will not be extended beyond November 21, 1994.
- Approximately 16,909,000 shares of McKesson common stock had been validly tendered and not properly withdrawn by November 9, 1994.
- Eli Lilly expects to begin making payment for tendered shares on Tuesday, November 22, 1994.
- The acquisition will result in the distribution of shares of a newly formed McKesson corporation to shareholders of the existing company.
Statistics:
- Number of McKesson shares tendered: 16,909,000
- Date of original offer announcement: July 11, 1994
- Expiration date of extended offer: November 21, 1994
- Record date for distribution of new McKesson shares: November 19, 1994
- Date of expected payment for tendered shares: Tuesday, November 22, 1994
Sources:
- Eli Lilly and Company press release, November 10, 1994
- McKesson Corporation announcement, November 10, 1994
- NYSE (New York Stock Exchange) listing for Eli Lilly and Company (NYSE:LLY)