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P&G buys PUR filter maker
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August 26, 1999: 9:41 a.m. ET
Recovery Engineering holders to receive 100% premium on share price
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NEW YORK (CNNfn) - Household products maker Procter & Gamble Co. is buying Recovery Engineering Inc., the maker of PUR water filtration systems, for approximately $265 million, the companies said Thursday.
Recovery's filter systems are used for filtering water both in the home and outdoors.
Procter & Gamble is paying $35.25 cash per Recovery (REIN) share, about a 100 percent premium over Recovery's Wednesday closing price of 17-5/8.
The boards of both companies have approved the deal, which still requires shareholder and regulatory approval. It is expected to close by early October.
Procter & Gamble (PG), a Dow Jones industrial average component, markets a wide variety of household products, including Tide detergent, Crest toothpaste and Pampers diapers. 
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Procter & Gamble
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