Colgate-Palmolive Company Responds to Below-Market Mini-Tender Offer From TRC Capital Corporation
July 08 2005 - 5:30PM
PR Newswire (US)
Colgate-Palmolive Company Responds to Below-Market Mini-Tender
Offer From TRC Capital Corporation NEW YORK, July 8, 2005
/PRNewswire-FirstCall/ -- Colgate-Palmolive Company (NYSE:CL)
announced it has received notice of an unsolicited "mini-tender"
offer by TRC Capital Corporation to purchase up to 2 million of
Colgate's common shares, which represent less than 0.4% of the
shares outstanding. TRC Capital's unsolicited offer of $48.25 per
share was 3.8% below the $50.15 per share closing price on
Colgate's common shares on June 27, 2005, the day before the offer
commenced. Colgate does not in any way recommend or endorse TRC's
mini-tender offer and expresses no opinion as to whether Colgate
shareholders should tender their shares in the mini-tender offer.
Colgate is not associated with TRC, the offer or the offer
documentation. The TRC offer is subject to a number of conditions,
including TRC obtaining financing. There is no assurance that the
conditions to the offer will be satisfied. Colgate shareholders are
cautioned that TRC can extend the offer and delay payment beyond
the currently scheduled expiration date of July 28, 2005, or amend
the offer, including the price. Colgate shareholders are further
cautioned that TRC has made numerous below-market mini-tender
offers for the shares of other companies for its profit.
Mini-tender offers are devised to seek less than 5 percent of a
company's stock, thereby avoiding many filing, disclosure and
procedural requirements of the U.S. Securities and Exchange
Commission (SEC). The SEC has cautioned investors about mini-tender
offers in an investor alert, stating that mini-tender offers "have
been increasingly used to catch investors off guard," and that
investors "may end up selling their securities at below-market
prices." Colgate urges shareholders to review additional
information about the risks of mini-tender offers available on the
SEC's web site at: http://www.sec.gov/investor/pubs/minitend.htm.
Investors are advised to consult with their financial advisers and
to exercise caution with respect to TRC Capital's offer. Colgate
shareholders who have already tendered their shares are advised
that, according to TRC's offering documents, they may withdraw
their shares by providing written notice to TRC in accordance with
the offering documents prior to the expiration of the offer.
According to the offering documents, TRC's offer will expire at
12:01a.m. on July 28, 2005, unless the offer is extended by TRC. *
* * About Colgate-Palmolive: Colgate-Palmolive is a leading global
consumer products company, tightly focused on Oral Care, Personal
Care, Home Care and Pet Nutrition. Colgate sells its products in
over 200 countries and territories around the world under such
internationally recognized brand names as Colgate, Palmolive,
Mennen, Softsoap, Irish Spring, Protex, Sorriso, Kolynos, Elmex,
Ajax, Axion, Soupline, Suavitel and Fab, as well as Hill's Science
Diet and Hill's Prescription Diet pet foods. For more information
about Colgate's global business, visit the Company's web site at
http://www.colgate.com/. DATASOURCE: Colgate-Palmolive Company
CONTACT: Bina Thompson, +1-212-310-3072, or Hope Spiller,
+1-212-310-2291, both of Colgate-Palmolive Company Web site:
http://www.colgate.com/
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