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"...
You may also be interested in...
P&G Tender Offer Increase Adds $86 Mil. To Wella Price Tag
Procter & Gamble increased its offer for Wella preference shares $3.86 (€1=$1.10) to $71.76 per share in a tender offer launched April 28
P&G Possible Wella Buy Complicated By Henkel’s Purchase Of Stake In Firm
A showdown over Wella between Procter & Gamble and Henkel may be developing following the German consu-mer goods manufacturer's announcement March 10 it has acquired a 6.86% stake in the hair care firm
Pink Sheet Podcast: Leqembi Spending, Woodcock’s Next Act, Pneumococcal Vaccine Development
Pink Sheet editors discuss Medicare spending projections for the Alzheimer’s treatment Leqembi, Janet Woodcock’s new post-FDA role, and ongoing preparations for new pneumococcal vaccines that will reach the market soon.