In Brief: Carter-Wallace
This article was originally published in The Rose Sheet
Executive Summary
Carter-Wallace: Davis Companies ups Carter-Wallace takeover bid to $928 mil., or $20 per share, the Los Angeles-based investments company said Nov. 18. Davis Companies' initial bid of $835 mil. ($18/share) was rejected by the personal care products company Nov. 1 based on disinterest from the firm's majority shareholder, CPI Development Corp. Davis Companies also reiterated that Carter-Wallace's independent directors "have a fiduciary duty to the company's shareholders to maximize shareholder value." Davis Companies, headed by financier Marvin Davis, holds a "material interest" in Carter-Wallace...