Somebody has faith in MCK
February 16, 2000 07:02 PM
WASHINGTON, Feb 16 (Reuters) - David Geffen, one of the three leaders at Hollywood film studio DreamWorks, said on Wednesday he acquired a stake currently worth more than $278 million in McKesson HBOC Inc.MCK , the largest U.S. drug distributor.
Geffen, who heads DreamWorks with Hollywood heavyweights Steven Spielberg and Jeffrey Katzenberg, acquired 5 percent, or 14,087,700 common shares, for general investment purposes, according to a filing with the U.S. Securities and Exchange Commission.
Using his personal funds, Geffen bought shares of San Francisco-based McKesson between Dec. 13 and Feb. 11 at prices ranging from $18.8750-$22.6250 a share.
The largest one-day purchase during that period were 1 million shares on Jan. 25 for $22.50 each, and an additional 1 million shares bought two days later at $20.9375 each.
Geffen disclosed his stake in the company because of SEC rules that say anyone holding a stake of 5 percent or more in a company must publicly report their holdings.
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