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P&G/Wella deal

This article was originally published in The Rose Sheet

Executive Summary

Procter & Gamble will make a cash only tender offer of $65.70 (€1=$1.07) per share for Wella preference shares as part of acquisition agreement. Cash only offer will speed up the tender process and regulatory clearance, P&G says. During consumer products manufacturer's March 18 announcement it would acquire Wella, company indicated it would consider offering P&G shares to Wella's preference shareholders as alternative to cash (1"The Rose Sheet" March 24, 2003, p. 3). P&G plans to submit tender offer documentation during the week of April 7, and assuming regulatory acceptance, offer is expected to commence in late April, firm adds...
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