Colgate Continues to Recommend Shareholders Reject "Mini-Tender" Offer by Baker Mills LLC Following Increase in Number of Shares Sought
Colgate does not endorse Baker Mills's mini-tender offer and continues
to recommend 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 continues to recommend
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
Colgate is not associated with Baker Mills, its mini-tender offer or the offer documentation.
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
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
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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