This Amendment No. 3 (this Amendment No. 3) amends and supplements the Schedule TO
filed by McKesson Corporation (the McKesson or the Company) with the Securities and Exchange Commission (SEC) on February 10, 2020, as amended by Amendment No. 1 to the Schedule TO, filed with the SEC on
February 14, 2020, and Amendment No. 2 to the Schedule TO, filed with the SEC on March 5, 2020 (as so amended, the Schedule TO).
This Schedule TO relates to the offer by the Company to exchange all shares of common stock, par value $0.001 per share (the SpinCo Common Stock),
of its wholly owned subsidiary, PF2 SpinCo, Inc. (SpinCo), a Delaware corporation, for shares of the Companys common stock, par value $0.01 per share (the McKesson Common Stock), that are validly tendered and not
properly withdrawn prior to the expiration of the Exchange Offer (as defined below). As promptly as practicable following completion of the Exchange Offer and, if the Exchange Offer is consummated but is not fully subscribed or if the Exchange Offer
is consummated but not all of the shares of SpinCo Common Stock owned by the Company are exchanged due to the upper limit being reached, a subsequent pro rata dividend of all the remaining shares of SpinCo Common Stock owned by the Company to the
holders of shares of McKesson Common Stock immediately following the consummation of the Exchange Offer, based on the relative number of shares of McKesson Common Stock held by such holders, excluding those shares of McKesson Common Stock that have
been validly tendered and accepted for exchange in the Exchange Offer (the Spin-off), SpinCo will merge with and into Change Healthcare Inc. (Change), a Delaware corporation, with
Change surviving the merger (the Merger). Pursuant to the Merger, each share of SpinCo Common Stock will automatically convert into one share of Changes common stock, par value $0.001 per share (the Change Common
Stock), on the terms and subject to the conditions set forth in the Prospectus-Offer to Exchange, as amended on February 14, 2020 (as amended or supplemented, the Prospectus), the Letter of Transmittal and the instructions to
the Letter of Transmittal included therein, copies of which are attached hereto as Exhibit (a)(1)(i) (which, together with any amendments or supplements thereto, collectively constitute the Exchange Offer).
In connection with the Exchange Offer, SpinCo has filed under the Securities Act of 1933, as amended (the Securities Act), a registration
statement on Form S-4 and Form S-1 (Registration No. 333-236236) (the SpinCo Registration Statement) to register
the shares of SpinCo Common Stock offered in exchange for shares of McKesson Common Stock tendered in the Exchange Offer and to be distributed in any Spin-off. Change has also filed under the Securities Act a
registration statement on Form S-4 (Registration No. 333-236234) (the Change Registration Statement) to register the shares of Change Common Stock into
which shares of SpinCo Common Stock will be converted in the Merger. The SpinCo Registration Statement and the Change Registration Statement both include the Prospectus, which is a joint prospectus of SpinCo and Change relating to the Exchange
Offer, the Spin-off and the Merger. The SpinCo Registration Statement and the Change Registration were each declared effective by the SEC on February 28, 2020.
The information set forth in the Prospectus and the Letter of Transmittal and the instructions to the Letter of Transmittal included therein are incorporated
herein by reference in response to all the items of this Schedule TO, except as otherwise set forth below.
This Amendment No. 3 shall be read
together with the Schedule TO. Except as specifically provided herein, this Amendment No. 3 does not modify any of the information previously reported on the Schedule TO.
Item 4.
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Terms of the Transaction.
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Item 4(a) of the Schedule TO, which incorporates by reference the information contained in the Exchange Offer, is hereby amended and supplemented by adding the
following thereto:
(a) Material Terms.
The Exchange Offer
expired at 11:59 p.m., New York City time, on March 9, 2020. Under the terms of the Exchange Offer, 11.4086 shares of SpinCo Common Stock will be exchanged for each share of McKesson Common Stock accepted in the Exchange Offer.
According to the exchange agent for the Exchange Offer, Equiniti Trust Company, 98,165,418 shares of McKesson Common Stock were tendered prior to the
expiration of the Exchange Offer, including 65,256,714 shares of McKesson Common Stock validly tendered and not validly withdrawn and 32,908,704 shares of McKesson Common Stock that were tendered by notice of guaranteed delivery. McKesson has
accepted 15,426,537 of the tendered shares in exchange for 175,995,192 shares of SpinCo Common Stock owned by McKesson. Because the Exchange Offer was oversubscribed, McKesson accepted tendered shares of McKesson Common Stock on a pro rata basis in
proportion to the total number of shares tendered and not validly withdrawn. Holders of McKesson Common Stock who owned fewer than 100 shares of McKesson Common Stock, or an odd lot, and who validly tendered all of their shares, will not
be subject to proration in accordance with the terms of the Exchange Offer.