Procter & Gamble (PG) Commences Exchange Offer in Connection to Merger of Folgers and J.M. Smucker (SJM)
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The Procter & Gamble Company (NYSE: PG) has commenced an exchange offer for P&G common stock in connection with the previously announced merger of P&G's Folgers coffee subsidiary with The J. M. Smucker Company (NYSE: SJM). In the exchange offer, P&G shareholders have the option to exchange some, none or all of their shares of P&G common stock for shares of Folgers common stock. Following the merger, each share of Folgers common stock will automatically convert into the right to receive one Smucker common share. The Smucker common shares issued in the Folgers merger are expected to represent approximately 53.5%of the Smucker common shares that will be outstanding after the merger.
The exchange offer is designed to permit P&G shareholders to exchange their shares of P&G common stock for shares of Folgers common stock at a discount of 12%, with the price of Folgers common stock established by P&G as described below, subject to a limit of 1.7213 shares of Folgers common stock per share of P&G common stock.
P&G expects that approximately 63.1 million shares of Folgers common stock will be offered in exchange for shares of P&G common stock.[SM]
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P & G Exchange Offer
Bobby on Oct 23, 2008 05:09 PMI think this idea stinks. What do the p & g shareholders get out of this, especially if they don't tender their stock? I t looks to me that p & g is giving away a business worth several billions for which the shareholders receive absolutely nothing. Has anyone initiated a lawsuit to stop this madness?