Paint over it with shellac first - then when that dries paint over it to match the ceiling....otherwise the stain will bleed through.
Try painting the area with KILLZ. It's a very good cover-up paint, then repaint with your ceiling color. KILLZ covers up just about anything. It works well for us.
At my old job, the facilities department simply spray painted it with a matching color (usually white). Looked good to me! :)
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