This article was originally published in The Tan Sheet
Gillette's proposed merger with Procter & Gamble is "unduly favorable" to P&G, company shareholders maintain in a putative class action lawsuit filed in Delaware state court Feb. 10. The suit alleges breaches of fiduciary duties by Gillette's board of directors and senior management regarding the proposed merger, and claims P&G senior management will receive "excessive compensation" as a result of the deal. The plaintiffs seek injunctive relief halting consummation of the merger or rescission following its consummation, as well as compensatory damages. A similar suit was filed in Delaware state court the following day, and a motion to consolidate the two is pending. P&G and Gillette said they find the allegations to be without merit. Massachusetts state regulators are investigating the deal based on Gillette CEO James Kilts' substantial compensation package (1"The Tan Sheet" Feb. 7, 2005, p. 9)...
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