NEW YORK--(BUSINESS WIRE)--
On March 6, 2018, Colgate-Palmolive Company ("Colgate") received
notification of an unsolicited "mini-tender" offer by Baker Mills LLC
("Baker Mills") to purchase up to 45,000 shares, or approximately 0.005%
of the outstanding common stock of Colgate as of January 31, 2018, at a
price of $57.00 per share in cash. Baker Mills's offer price is
approximately 18% less than the $69.27 closing price per share of
Colgate's common stock on March 2, 2018, the last trading day before the
mini-tender offer commenced.
Colgate does not endorse Baker Mills's mini-tender offer and recommends
that Colgate stockholders do not tender their shares in response to the
offer because the offer is at a price below the current market price for
Colgate's shares. Colgate also recommends that any stockholders who have
tendered shares to Baker Mills withdraw those shares by providing the
written notice described in the offering documentation before the
expiration of the offer, which is currently scheduled for 5:00pm New
York time on April 4, 2018.
Colgate is not associated with Baker Mills, its mini-tender offer or the
Colgate urges stockholders to obtain current market quotes for their
shares, to review the conditions to Baker Mills's mini-tender offer, to
consult with their brokers or financial advisors and to exercise caution
with respect to Baker Mills's mini-tender offer.
Baker Mills has made similar unsolicited mini-tender offers for shares
of other public companies. Mini-tender offers are designed to seek less
than five percent of a company's outstanding shares, thereby avoiding
many investor protections including the disclosure and procedural
requirements applicable to most bids under United States securities
laws. As a result, mini-tender offers do not provide investors with the
same level of protections as provided by larger tender offers under
United States securities laws. The U.S. Securities and Exchange
Commission ("SEC") has cautioned investors about mini-tender offers
noting that "some bidders make mini-tender offers at below-market
prices, hoping that they will catch investors off guard if the investors
do not compare the offer price to the current market price." The SEC
also published investor tips regarding these offers on its website at: http://www.sec.gov/investor/pubs/minitend.htm.
Colgate encourages brokers and dealers, as well as other market
participants, to review the SEC's letter regarding broker-dealer
mini-tender offer dissemination and disclosures at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm
and NASD's Notice to Members 99-53, issued July 1999, regarding guidance
to members forwarding mini-tender offers to their customers, which can
be found at www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p004221.pdf.
Colgate requests that a copy of this press release be included with all
distributions of materials relating to Baker Mills's mini-tender offer
for shares of Colgate common stock.
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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, Softsoap, Irish Spring, Protex, Sorriso,
Kolynos, elmex, Tom's of Maine, Sanex, Ajax, Axion, Soupline, and
Suavitel, as well as Hill's Science Diet, Hill's Prescription Diet and
Hill's Ideal Balance. For more information about Colgate's global
business, visit the Company's web site at http://www.colgatepalmolive.com.
To learn more about Colgate's global oral health education program,
Bright Smiles, Bright Futures™, please visit http://www.colgatebsbf.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180307006430/en/
John Faucher, 212-310-3653
Source: Colgate-Palmolive Company
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