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Wella Integration To Proceed Regardless Of Offer Outcome, P&G Says

This article was originally published in The Rose Sheet

Executive Summary

Procter & Gamble remains confident it will acquire outstanding shares of Wella during an additional two-week acceptance period beginning June 6, the company stated May 29, the day after its initial tender offer for the German hair care company closed

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Domination Has Its Price: Wella Holdouts Will Cost P&G Additional $119 Mil.

Procter & Gamble will gain complete control of Wella under a proposed domination and profit transfer agreement announced April 26

Domination Has Its Price: Wella Holdouts Will Cost P&G Additional $119 Mil.

Procter & Gamble will gain complete control of Wella under a proposed domination and profit transfer agreement announced April 26

P&G/Wella

Frankfurt court will hold hearing June 26 to assess case brought by hedge fund group Elliott Associates, a minority shareholder of Wella that is seeking to bring down Procter & Gamble's bid for the German company, a law firm for Elliott says. A ruling in favor of Elliott would find P&G's bid is prohibited according to German law, in which case "any and all contracts or legal acts carried out would be nullified," firm maintains. Directed to German regulatory authorities, Elliott's lawsuit maintains P&G's offering for Wella shares is too low. The group failed to get a preliminary injunction against P&G's bid last month. P&G's second tender period for accepting Wella shares ended June 20 (1"The Rose Sheet" June 2, 2003, p. 8)...

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