graphic
News > Deals
Gillette said to cut out P&G
January 24, 2000: 6:31 a.m. ET

Report: Razor maker rebuffed Procter & Gamble's merger talks offer
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Procter & Gamble Co., the household products maker in talks to acquire to Warner-Lambert Co. and American Home Products Corp., backed away after seeking to discuss a possible merger with razor maker Gillette Co. several weeks ago, according to a report published Monday.
    The Wall Street Journal said P&G chief executive Dirk Jager sent a letter to Gillette seeking to discuss a possible deal between the two companies. The newspaper reported that no price was mentioned.
    Gillette was reported to have responded negatively to the letter, bringing together a defense team of lawyers and bankers. The Journal said Jager backed off from that deal, but was enticed after talks with an investment banker to consider the Warner-Lambert and AHP acquisition.
    Procter & Gamble announced last Friday that it is in talks with the two drug companies, who have a $56.5 billion merger agreement of their own. Warner-Lambert is seeking to avoid the clutches of Pfizer Inc., which has made an unsolicited $77.7 billion bid.
    The announcement of the talks sent P&G (PG) stock tumbling 9-7/8 Friday to 102-11/16. Gillette (G) rose 1/8 to 39, Warner-Lambert (WLA) fell 1-3/4 to 92, American Home Products (AHP) climbed 1-7/8 to 48, and Pfizer (PFE) was down 1-5/16 to 35-1/16. Back to top





graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.