Massachusetts State Probe Into Gillette Sale Widens
This article was originally published in The Rose Sheet
Executive Summary
Massachusetts Secretary of the Commonwealth William Galvin is widening his investigation into the proposed merger of Gillette by Procter & Gamble, citing benefits for retired Gillette employees among his concerns
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P&G/Gillette merger
Federal Trade Commission is seeking additional information from the companies as it conducts a review of the proposed $57 bil. merger, Procter & Gamble reports. "A request of this nature is typical in a transaction of this size," firm notes. Announced in January, the deal already is facing several challenges. Gillette shareholders filed a putative class action lawsuit in Delaware state court Feb. 10 alleging the proposed merger is "unduly favorable" to P&G. Plaintiffs are seeking injunctive relief halting consummation of the merger or rescission following its consummation, as well as compensatory damages (1"The Rose Sheet" March 21, 2005, In Brief). In addition, Massachusetts Secretary of the Commonwealth William Galvin recently launched an investigation into Gillette CEO James Kilts' compensation package under the deal, and has expanded the inquiry to include proposed benefits for Gillette retirees (2"The Rose Sheet" Feb. 7, 2005, p. 8 and 3"The Rose Sheet" Feb. 28, 2005, p. 8)...
P&G/Gillette merger
Federal Trade Commission is seeking additional information from the companies as it conducts a review of the proposed $57 bil. merger, Procter & Gamble reports. "A request of this nature is typical in a transaction of this size," firm notes. Announced in January, the deal already is facing several challenges. Gillette shareholders filed a putative class action lawsuit in Delaware state court Feb. 10 alleging the proposed merger is "unduly favorable" to P&G. Plaintiffs are seeking injunctive relief halting consummation of the merger or rescission following its consummation, as well as compensatory damages (1"The Rose Sheet" March 21, 2005, In Brief). In addition, Massachusetts Secretary of the Commonwealth William Galvin recently launched an investigation into Gillette CEO James Kilts' compensation package under the deal, and has expanded the inquiry to include proposed benefits for Gillette retirees (2"The Rose Sheet" Feb. 7, 2005, p. 8 and 3"The Rose Sheet" Feb. 28, 2005, p. 8)...
P&G $57 Bil. Gillette Acquisition Creates 21 Billion-Dollar Brand Portfolio
Procter & Gamble will acquire Gillette in a stock transaction valued at $57 bil., creating a consumer products powerhouse with combined sales of over $60 bil. and a portfolio that includes 21 billion-dollar brands, the two firms announced at a news conference in New York City Jan. 28