BERLIN — Procter & Gamble failed to significantly increase its stake in Wella at the close Wednesday of its improved tender offer for Wella preferred shares.
Shareholder dissatisfaction with the upgraded $76.70 price offered for Wella preferred shares (from the original offer of $72.57) and two hedge fund suits challenging the bid put a dent in P&G’s efforts to buy up outstanding Wella shares. All dollar figures are calculated from the euro at current exchange rates.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"