P&G Tender Offer Increase Adds $86 Mil. To Wella Price Tag
This article was originally published in The Rose Sheet
Executive Summary
Procter & Gamble increased its offer for Wella preference shares $3.86 (€1=$1.10) to $71.76 per share in a tender offer launched April 28
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Procter & Gamble remains confident it will acquire outstanding shares of Wella during an additional two-week acceptance period beginning June 6, the company stated May 29, the day after its initial tender offer for the German hair care company closed
Wella Integration To Proceed Regardless Of Offer Outcome, P&G Says
Procter & Gamble remains confident it will acquire outstanding shares of Wella during an additional two-week acceptance period beginning June 6, the company stated May 29, the day after its initial tender offer for the German hair care company closed
Wella responds to P&G offer
Procter & Gamble's tender offer for Wella shares is "fair based on all relevant circumstances," Wella's executive board says in May 9 statement. However, the board did not recommend whether shareholders should accept or decline the offer. P&G tendered an offer to buy Wella ordinary shares for $105.7 (€1=$1.15) and preference shares for $74.4 in April (1"The Rose Sheet" May 5, 2003, p. 5). P&G has offered Wella CEO Heiner Gürtler responsibility for the cosmetics and fragrances business Cosmopolitan Cosmetics, the global responsibility for the professional hair care division within P&G and membership in P&G's Global Leadership Council, Wella adds...