Gillette
This article was originally published in The Rose Sheet
Executive Summary
Kohlberg Kravis Roberts & Company to sell approximately 41 mil. of the 51.3 mil. shares it owns in Gillette. Public offering, which will be underwritten by Merrill Lynch, Pierce, Fenner & Smith and Goldman, Sachs, does not reflect "lack of confidence in the future prospects of Gillette," partners associated with KKR say. Pending sale of shares is result of "winding down" of investment fund and does not "come as a surprise," company adds. KKR founding general partner Henry Kravis will remain on Gillette board. KKR acquired stock, representing 4% of Gillette ownership, in 1996 when firm merged with KKR-owned Duracel