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P&G/Wella deal

This article was originally published in The Rose Sheet

Executive Summary

Procter & Gamble's $67.65 (€1= $1.10) offer for Wella preference shares is low and should be increased 30%-50% to be more in line with the $101.48 bid made for Wella's ordinary shares, German accounting firm Susat & Partner says. Susat recently filed a complaint with German financial and securities regulator BaFin on behalf of an investor who holds 5% of Wella preferred shares. P&G maintains its bid is "fair and attractive," as it is 8% higher than the stock's three month premium prior to the acquisition. Henkel bought a 6.86% share in the hair care firm including 10.38% of Wella's preference shares days before P&G announced plans to acquire the company (1"The Rose Sheet" March 17, 2003, p. 4). At an analyst meeting April 14, Henkel CEO Ulrich Lehner stated, "Against the background of the price offered for the ordinary shares, the offer for the preferred shares appears to be very low"...
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