NEW YORK — Cincinnati-based Procter & Gamble apparently failed in its effort to win the overall 95 percent stake it needed in Wella AG by the end of the day Friday in order to squeeze out minority holders and delist the company.

Close Brothers Corp. Finance Ltd., which is working with a group of Wella shareholders who collectively hold 8.31 million preference shares, or about 12.4 percent of the total Wella shares, reported those shareholders would not tender their stake, claiming the terms of P&G’s offer “do not offer adequate consideration to the Wella preference shareholders.” Henkel, though, which had previously described P&G’s offering price as “very low,” reported it tendered its 6.9 percent stake in Wella, which included 5 percent of the voting shares and 10.4 percent of the preferred shares.

P&G offered $107.01 per voting share and $75.40 for each preferred share. (Dollar amounts have been converted from the euro at current exchange.) In local currency, P&G offered 92.25 euros for each voting share and 65 euros for each preferred share.

The tender offer for the shares not owned by or pledged to P&G was mandatory under German law. Failure to take over the company entirely, though, would not prevent P&G from executing its plans for the firm, in which it owns a commanding stake. P&G won’t officially report tender results until this Friday.

  • REVVED UP: The public turned out in big numbers for Revlon Inc.’s rights offering that wrapped up June 16, the firm said Friday. Subscribers to the rights offering, other than primary shareholder MacAndrews & Forbes, signed up for 3 million of the beauty firm’s class A common stock at $2.84 a share. Since the offer was fully subscribed by the public, M&F, which is controlled by financier Ronald Perelman, was not required to purchase any shares beyond the pro-rata portion under its agreement to back the offering. Accordingly, M&F bought a total of 14.6 million shares of the firm’s class A common stock at $2.84 in a private placement directly from Revlon. Revlon issued 17.6 million shares of its class A common stock pursuant to the offering, increasing the number outstanding to 38.1 million. Including class B common stock, Revlon has 69.4 million shares outstanding, of which Perelman owns 83 percent. Shares of the firm closed at $3.06, down 5 cents, or 1.6 percent, on the New York Stock Exchange Friday.
  • FROM CARS TO COSMETICS:Avon has named Gina R. Boswell senior vice president, corporate strategy & business development, effective June 30. She will report to Andrea Jung, Avon’s chairman and chief executive officer.

    In the newly created position, Boswell will help develop and implement Avon’s growth strategies, and will help with the planning of internal and external initiatives that complement Avon’s core competencies in beauty marketing and direct selling.

    Boswell, 40, comes to Avon from Ford Motor Co., where she had worked since 1999. Prior to Ford, Boswell worked at The Estée Lauder Cos. Inc., where from 1997 to 1999 she was vice president, new business development.

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