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Gillette and Conniston settle

Executive Summary

Gillette will issue one share repurchase right for each seven shares of Gillette held, under a settlement announced Aug. 2, entitling the rightholder to sell to the company one share of common stock at a price of $ 45. Arbitrage firm Conniston, which owns about 6% of the company, can expect to clear offer $ 13 mil. The lawsuit, which was pending in Boston Federal Court, resulted from an earlier proxy battle involving four seats on the 12-member Gillette board.

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