Wella responds to P&G offer

Executive Summary

Procter & Gamble's tender offer for Wella shares is "fair based on all relevant circumstances," Wella's executive board says in May 9 statement. However, the board did not recommend whether shareholders should accept or decline the offer. P&G tendered an offer to buy Wella ordinary shares for $105.7 (€1=$1.15) and preference shares for $74.4 in April (1"The Rose Sheet" May 5, 2003, p. 5). P&G has offered Wella CEO Heiner Gürtler responsibility for the cosmetics and fragrances business Cosmopolitan Cosmetics, the global responsibility for the professional hair care division within P&G and membership in P&G's Global Leadership Council, Wella adds...