In Brief: Davis Companies
This article was originally published in The Rose Sheet
Davis Companies: Responds to Carter-Wallace's Nov. 1 rebuff of its $18/share takeover bid with a Nov. 1 request that the Carter-Wallace board appoint an independent committee to review the offer. Davis Companies said the board has "an obligation" to appoint an independent committee to ensure that all shareholders' interests are represented. Davis Companies also noted that "given [Carter-Wallace's] lackluster performance, we believe that the board has an enhanced obligation to review all alternatives before rejecting an offer." Carter-Wallace said it rejected the offer because its majority shareholder, CPI, "has no interest in selling its shares in the transaction proposed by Davis Companies" ("The Rose Sheet" Nov. 4, p. 2). Carter-Wallace disclosed in an Oct. 30 statement that Davis Companies had approached it with the $835 mil. offer...
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